Saudi Aramco announced last night that it had signed final agreements to acquire 25% of the Philippine Petroleum Petroleum Company, and the company did not reveal the financial details of the deal.
Joni Oil was founded in 1966, a varied fuel operating company in the refining, chemical and marketing sector.
It is also one of the fastest retail, sentence and storage companies in the Philippines and today has a network of 165 retail and 4 storage facilities in the country.
This deal comes in the wake of previous acquisitions by Aramco in the retail sector in Chile and Pakistan.
The acquisition aims to benefit from the expected growth of the fuel market in the Philippines, and is more progress in the strategic expansion of Aramco in the refining, chemical and marketing sector, and the growth of its global retail network, which seeks to secure additional outlets for its refined products.
Aramco said that the acquisition of a stake in “Uni Oil” represents an “additional step within our global strategy that aims to expand our business network in the retail sector.”
She added that the deal aims to benefit from the expected growth of the fuel market in the Philippines.
Saudi Aramco plans to provide its commercial brand, competitive retail offers and lubrication oils that carry the brand, Vollen, to customers in the Philippines, as soon as the procedures are completed.
