Saudi Aramco pumps in P4 billion to fuel Unioil expansion

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April 7, 2026 | 12:00am

MANILA, Philippines — Global oil behemoth Saudi Aramco has pumped over P4 billion to fuel the expansion of the Co family’s Unioil Group and mark its dramatic return to the Philippines after 17 years.

Saudi Aramco invested around 295 million Saudi riyals to acquire a 25-percent stake each in Unioil Petroleum Philippines Inc. (UPPI) and Unioil Energy Pte. Ltd. (UEPL), according to a document obtained by The STAR.

The deal, sealed last October, gives Aramco access to the Philippines’ booming high-value fuel market while driving UPPI’s growth and expansion.

UPPI currently operates a network of over 160 retail stations and is actively involved in wholesale fuel trading, specialty oil marketing and asphalt distribution.

UEPL, meanwhile, is mainly responsible for sourcing and supplying fuel to support UPPI’s operations.

“The acquisition represents further progress in Saudi Aramco’s strategic expansion of its global retail network in high-value markets,” the multinational oil firm said.

The investment also advances Aramco’s strategy to capitalize on rising consumer demand in Southeast Asia.

In the Philippines, the oil giant intends to expand its brand, retail products and Valvoline-branded lubricants to select fuel stations.

“With Aramco’s partnership, we are confident in our ability to scale our operations, drive innovation and strengthen our leadership in the wholesale and retail fuel market,” Unioil CEO Janice Co Roxas-Chua said.

Aramco once held a 40-percent interest in Petron Corp. before exiting the Philippine fuel market in 2008.

Last year, the Saudi firm set a capital expenditure of around $50.8 billion, the largest in its history, aimed at supporting further expansion.

It expects capital spending on liquids, downstream and new energy projects to peak this year, with any additional investment targeted at accretive opportunities.

Aramco, however, has faced headwinds amid escalating Middle East war, with Iran targeting its energy infrastructure with drone and missile attacks.