2 weeks ago
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Co-led Unioil Group announced that Madrid-based petrochemical company Repsol S.A. has acquired a stake in Unioil's Philippine lubricants manufacturing unit.
In a statement on Thursday, Feb. 27, Unioil reported that Repsol Downstream Internacional, S.A.U., a Repsol subsidiary, has acquired a 40 percent stake in Unioil Lubricants, Inc. (ULI) to boost product offerings and expand their market.
Through this partnership, ULI would manufacture and distribute a diverse range of products namely Unioil, Repsol, and Japan-based Idemitsu, which has been their partner since 1994.
Manuel Soriano, president of ULI, expressed excitement over the newly inked collaboration, stating “This collaboration not only strengthens our position in the lubricants market but also allows us to offer a wider range of high-quality products to our customers. We are confident that this partnership will drive significant growth and innovation for Unioil Lubricants.”
Another significant global partnership made by Unioil was with Saudi Arabia’s Aramco.
Last week, Aramco marked its return to the Philippines since it left the local market in 2008 through a 25 percent stake in Unioil and would extend its competitive offerings and products like Valvoline-branded lubricants to the Philippines.
This acquisition is similar to Aramco’s other deals with Chile and Pakistan.
Founded in 1966, Unioil has expanded its lubricants manufacturing and distributor facilities across Luzon, Visayas, and Mindanao. It eventually entered fuels trading, distribution, and retailing and has recently been looking into clean fuel products.
