Saudi Aramco has completed the acquisition of a 100% ownership stake in Esmax Distribucion SpA, a leading diversified downstream fuels and lubricants retailer in Chile.
This deal, which was first announced in September 2023, represents Saudi Aramco’s first investment in its retail business in South America, which demonstrates the attractiveness of its markets, and supports the company’s strategic goal of strengthening its value chain in the refining, chemicals and marketing sectors.
“This agreement is yet another milestone in our strategy to grow Aramco’s downstream presence globally and expand our retail, lubricants and trading businesses,” said Mohammed Al Qahtani, head of downstream operations.
Yasser Mufti, Aramco Executive Vice President of Products & Customers, said: “We are delighted to conclude the acquisition of Esmax and look forward to working with the outstanding team on the ground in Chile to achieve our shared ambitions. Aramco aims to be a primary global retail player and this deal combines our high quality products and services, including Valvoline lubricants, with the experience and quality of an established operator in Chile.”
