Repsol Downstream Internacional, S.A.U., a subsidiary of Spanish energy firm Repsol, acquired a 40-percent stake in Unioil Lubricants Inc. (ULI), the lubricants manufacturing and distribution arm of the Unioil Group.
Under the joint venture agreement, ULI will be responsible for the manufacturing and distribution of a diverse range of products, including Unioil, Idemitsu, and Repsol lubricants.
“We are thrilled to announce this strategic partnership with Repsol. 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,” ULI president Manuel Soriano said.
“We are confident that this partnership will drive significant growth and innovation for Unioil Lubricants Inc.,” Soriano said.
The partnership aims to leverage the strengths of both companies to enhance product offerings and expand market reach.
Unioil Petroleum Philippines, a Filipino company founded in 1966 by the Co family, has been a significant player in the Philippine lubricants market for decades.
It started as re-refiner of base oil and later started manufacturing its own branded lubricants.
Unioil teamed up with Idemitsu in 1994, one of the largest Japanese oil companies, to become the exclusive and licensed distributor of their products in the Philippines.
Unioil is one of the major local manufacturers of OEM branded lubricants. The company recently announced it signed definitive agreements with Aramco (Arabian American Oil Company), one of the world’s leading integrated energy and chemicals companies, for the latter to acquire a 25-percent equity stake in the oil firm.
Unioil is one of the fastest growing retail, wholesale and storage companies in the Philippines, with a network of 165 retail stations and four storage terminals in the country.