The Philippine Competition Commission (PCC) has cleared the proposed acquisition by Aramco Asia Singapore Pte. Ltd. (Aramco) of 25 percent interest each in Unioil Petroleum Philippines, Inc. (Unioil Petroleum) and Unioil Energy Pte. Ltd. (Unioil Energy).
Aramco is a wholly-owned affiliate of the Saudi Arabian Oil Company that serves as its Asia hub for various services including sales, marketing, procurement, logistics, and other support services. Unioil Petroleum is a domestic company engaged in the sale of various petroleum products such as diesel, gasoline, asphalt, coolants, and lubricants. Unioil Energy is a foreign trading company engaged in the supply of gasoline and diesel to the Philippine market.
On June 13, 2025, the PCC Mergers and Acquisitions Office (MAO) commenced a Phase 1 review of the proposed transaction to determine if it would raise competition concerns under the Philippine Competition Act (PCA), where it assessed the relevant markets for the nationwide non-retail supply of automotive and industrial lubricants and coolants, the global ex-refinery and non-retail supply of diesel and gasoline, and the nationwide supply of ethanol as an input for gasoline in the nationwide non-retail market.
After reviewing submissions from the parties and third-party feedback, the Commission determined that the transaction would not likely result in a substantial lessening of competition (SLC) in the relevant markets since the parties have limited market shares, face substantial competition from other established players, and the entry of new players is likely, timely, and sufficient due to low barriers to entry.
The PCA mandates PCC review of mergers and acquisitions, including foreign transactions meeting notification thresholds, to prevent deals that would harm competition or consumers.
