MADRID-BASED multinational energy and petrochemical company Repsol S.A., through its subsidiary, has acquired a 40% stake in the lubricant manufacturing and distribution arm of the Unioil Group of Companies.
In a statement on Thursday, Unioil Group said it had entered into a joint venture agreement with Repsol Downstream Internacional, S.A.U. to invest in Unioil Lubricants, Inc. (ULI).
ULI will be responsible for manufacturing and distributing a diverse range of products, including Unioil, Idemitsu, and Repsol lubricants.
The partnership aims to leverage both companies’ strengths to enhance product offerings and expand market reach.
“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, Inc.,” ULI President Manuel Soriano said in a statement.
Established in 1966 by the Co family, Unioil started as a re-refiner of base oil before expanding to manufacture its own branded lubricants. The company later ventured into fuel trading, distribution, and retailing. It operates 165 retail stations and four storage terminals across the Philippines.
This latest acquisition marks Unioil’s second foreign partnership this month, following its recently announced deal with Saudi Arabian oil giant Aramco.
Unioil and Aramco entered into definitive agreements for the latter’s acquisition of a 25% stake for an undisclosed amount.
As part of the partnership, Unioil will introduce Aramco’s brands and Valvoline-branded lubricants to Filipino consumers.
The deal comes 17 years after Aramco, widely considered the world’s largest oil producer, exited the Philippines following the sale of its 40% stake in Petron Corp. In 1994, Aramco had invested in Petron when the Philippine government privatized the company. — Sheldeen Joy Talavera
