Spain’s Repsol buys 40% stake in Unioil lubricant business
Photo caption: Unioil and Repsol officials (L-R) Kenneth Pundanera (President, Unioil Petroleum Philippines), Janice Co Roxas-Chua (CEO, Unioil Petroleum Philippines), Sebastian Mussini (Director of Lubricants, Asphalt, Aviation and Specialties, Repsol), and Clara Velasco Alvarez (Director of Lubricants, Repsol) seal their strategic partnership during a formal signing ceremony at the Unioil Head Office on February 25, 2025, marking Repsol’s acquisition of a 40% stake in Unioil Lubricants Inc.
Updated on February 27, 2025 at 8:08 p.m.
MANILA, Philippines — Less than a week after the group welcomed Saudi oil giant Aramco, Unioil of Co family expects another boost—this time for its lubricant business.
In a statement on Thursday, the company said Spain-based petrochemical firm Repsol S.A. had acquired a 40-percent stake in Unioil Lubricants Inc. (ULI), which serves as the Unioil Group’s lubricants manufacturing and distribution arm. It has a wide range of lubricants that caters to retailers, resellers, industrial, and commercial customers.
Under the deal, ULI would focus on the production and distribution of the products under Unioil, Idemitsu, and Repsol brands.
“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,” said Manuel Soriano, president of ULI.
“We are confident that this partnership will drive significant growth and innovation for Unioil Lubricants Inc.,” he added. No financial details of the transaction were disclosed.Three decades ago, Unioil also sealed an agreement with Idemitsu, considered one of the major Japanese oil firms, to become its exclusive distributor in the Philippine market.
Its latest venture with Repsol was disclosed just less than a week after it gained Saudi oil giant Aramco, buying a 25-percent stake in Unioil Petroleum Philippines.
This also marked Aramco’s return to the Philippines after it exited Petron Corp. 17 years ago. Aramco is one of the leading integrated energy and chemical companies worldwide.
Unioil has been in the market since 1966, with a network of 165 retail stations and four storage terminals.
Sought for insights, Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., earlier said that the investments from Aramco showed its confidence in the local economy.
