The approval, issued on June 13, 2025, found no substantial competition concerns in fuel imports, trading, and lubricant supply. The purchase deal between Aramco and Unioil, led by CEO Janice Co Roxas-Chua, was first announced in February this year.
The move marks Aramco’s comeback to the Philippine energy market 17 years after selling its controlling stake in Petron Corp., the country’s largest fuel retailer, to San Miguel Corp.
The acquisition will re-establish Aramco’s downstream presence through Unioil, a mid-sized player in fuel trading and distribution.
Unioil Petroleum distributes gasoline, diesel, asphalt, lubricants, and coolants locally, while Unioil Energy manages international fuel supply to the Philippine market.
PCC’s assessment found Unioil’s limited market share, strong competition, and low entry barriers make the deal unlikely to lessen competition.
The regulator reviewed multiple markets, including the non-retail supply of lubricants and coolants, global ex-refinery trading of gasoline and diesel, and ethanol supply before clearing the transaction.
—Edited by Miguel R. Camus
