Aramco will enter the Philippines in yet another strategic downstream deal as part of the Saudi oil giant’s efforts to expand its retail and downstream offerings in Asia.
The world’s biggest oil firm on Thursday signed definitive agreements to buy a 25% equity stake in one of the largest petroleum companies in the Philippines, Unioil Petroleum Philippines.
Aramco plans to capitalize on the expected growth of the high-value fuels market in the Philippines with the planned acquisition, which remains subject to customary closing conditions, including regulatory approvals.
The deal is “further progress in Aramco’s strategic downstream expansion and growth of its global retail network, which aims to secure additional outlets for its refined products,” the Saudi company said.
Full story Baystreet.ca - Aramco to Acquire 25% Stake in Unioil Petroleum Philippines
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