“Aramco” returns to the Philippine market by acquiring 25% of “Uni Oil”
Saudi Aramco returned to the Philippine energy market after more than a decade, as it acquired a 25% stake in each of the company " Uni Oil Philippine Petroleum Ltd." And company "Uni Oil Energy Ltd.". "Aramco Asia Singapore Ltd."It is a subsidiary fully owned by Aramco and operates as a center for the company in Asia, in the local oil operations of Uni -Oil, and the foreign trade of gasoline and diesel. "Uni Oil"And expanding its products offers, and launching the signs of Aramco and Vollen in the Philippine market. "Daily Tribune" Local Philippine, that the process The acquisition." target ="_Blank"> Competition Authority in a statement today, Tuesday: "After reviewing the notes of the parties and the observations of the external parties, the authority decided that the deal is not likely to lead to a significant decrease in competition in the relevant markets, due to the limited shares of the two parties in the market, and their confrontation with intense competition from other entrenched parties."
added: "There is no objection to entering new actors into the market, as this is done at an appropriate time and sufficient to take into account the criteria for entering the market."
Aramco had previously had a 40% stake in Petron Corp, which he sold in 2008 for $ 550 million.
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