Repsol and Saudi Aramco have snagged large chunks of Filipino energy company Unioil, the country’s family-owned downstream fuel and lubricants business.
The Spanish energy company Repsol bought 40% of Unioil Lubricants Inc., which manufactures and distributes lubricants for retail, resale, industrial and commercial customers.
ULI’s portfolio will now include Unioil, Repsol and Idemitsu branded lubricants. Unioil’s exclusive distribution partnership with Idemitsu extends three decades.
Less than a week before the Repsol deal, Saudi Aramco bit off 25% in Unioil Petroleum Philippines, Inc. This revived Aramco’s presence in the country after it exited its investment in Petron, the largest oil refining and marketing company in the Philippines, 17 years ago.
Aramco anticipates “growth of the high-value fuels market in the Philippines,” it said, which encouraged its return. As part of the partnership, Unioil will introduce Aramco’s brands and Valvoline-branded lubricants to Filipino consumers.