3 weeks ago
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Brix Lelis - The Philippine Star
February 28, 2025 | 12:00am
MANILA, Philippines — After signing a mega deal with Saudi Aramco last week, the Unioil Group of the Co family is greasing the wheels of its lubricant business with Madrid-based petrochemical firm Repsol S.A.
In a statement yesterday, Unioil announced that Repsol unit Repsol Downstream Internacional S.A.U. has acquired a 40-percent stake in Unioil Lubricants Inc. (ULI).
Financial details of the deal were not immediately made available.
ULI is the lubricants manufacturing and distribution arm of the Unioil Group.
ULI president Manuel Soriano said this strategic tie-up with Repsol would allow the company to expand its product offerings, further strengthening its position in the lubricants market.
“We are confident that this partnership will drive significant growth and innovation for Unioil Lubricants Inc.,” Soriano said.
In 1994, Unioil partnered with Japanese oil firm Idemitsu to be the exclusive and licensed distributor of the latter’s products in the Philippines.
“With this (latest) joint venture agreement, ULI will be responsible for the manufacturing and distribution of a diverse range of products, including Unioil, Idemitsu and Repsol lubricants,” Unioil said.
Just last week, Unioil entered into a definitive agreement with Aramco for the Saudi oil giant’s planned acquisition of a 25-percent stake in the 58-year-old company.
The deal with an undisclosed amount marks Aramco’s return to the Philippines after divesting its 40 percent stake in Petron Corp. in 2008.
“We are confident that this will equip ourselves in accelerating our growth and development, further innovate and strengthen our position as a leader in the wholesale and retail fuels market,” Unioil CEO Janice Co Roxas-Chua said.
To date, Unioil has a network of over 160 retail stations and four storage terminals nationwide.
