Repsol Completes the Acquisition Agreement for a 40% Interest in Unioil Lubricants
Repsol has finalized its agreement to acquire a 40% stake in Unioil Lubricants, Inc. (ULI), a firm that will produce and distribute Repsol’s products in the Philippines. This acquisition is expected to enhance Repsol’s market presence in Southeast Asia, a region noted for its fast-growing lubricants sector, which enjoys annual sales of 3 million metric tons and a growth rate of 4%.
Over the past fourteen years, Repsol has built a strong presence in the Philippines. Repsol and ULI aim to become one of the top players in the Philippine market by leveraging their combined strengths and capabilities.
This agreement, executed in April 2024, adds a fifth regional manufacturing facility to Repsol’s network, which already includes locations in Spain, Mexico, Singapore, and Indonesia. By the end of 2024, Unioil Lubricants, Inc. is expected to reach a total production capacity of 25,000 tons.
The joint venture plans to expand its market presence through a more targeted sales and marketing strategy. The alliance with Unioil will provide immediate access to new customer segments due to the complementary nature of both companies’ brands and product lines.
This partnership in Asia complements the joint ventures established in the past five years with Bardahl in Mexico and United Oil in Singapore, laying the groundwork for Repsol’s strategic growth goals.
About Unioil Lubricants Inc.
Unioil Lubricants Inc. was established in 2024 to hold the lubricants manufacturing and distribution business of ODC, a company owned by the Co family, the same owners of Unioil Petroleum Philippines, Inc. features annual sales of 3 million metric tons and a growth rate of 4%.