The Philippine Competition Commission (PCC) said Tuesday it approved the proposed acquisition by Aramco Asia Singapore Pte. Ltd. (Aramco) of a 25-percent stake each in Unioil Petroleum Philippines Inc. and Unioil Energy Pte. Ltd.
Aramco, a wholly owned affiliate of the Saudi Arabian Oil Company, serves as its Asian hub for sales, marketing, procurement, logistics and other support services.
Unioil Petroleum is a local firm engaged in the sale of petroleum products such as diesel, gasoline, asphalt, coolants and lubricants, while Unioil Energy is a foreign trading company supplying gasoline and diesel to the Philippine market.
The PCC’s Mergers and Acquisitions Office began its phase 1 review of the deal on June 13, 2025, assessing its impact on several markets, including the non-retail supply of lubricants and coolants nationwide, the global ex-refinery and non-retail supply of diesel and gasoline, and the nationwide supply of ethanol as a gasoline input.
Following its review of party submissions and third-party feedback, the commission found that the transaction is unlikely to substantially lessen competition, citing the parties’ limited market shares, the presence of strong rivals, and low barriers that make new entry likely and sufficient.
Under the Philippine Competition Act, the PCC reviews mergers and acquisitions, including foreign deals that meet notification thresholds, to prevent transactions that could harm competition or consumers.
