Saudi Aramco has reached an agreement for the full acquisition of “Ismax” distribution company (sbe) from the Southern Cross Group, while the transaction is subject to customary conditions including regulatory approvals.
The Saudi news agency ” was ” reported that this deal represents Saudi Aramco’s first investment in retail (retail) and marketing in South America, which enjoys promising and attractive markets.
According to” Waas”, the deal will strengthen Saudi Aramco’s value chain strategy in the refining, chemicals and marketing sector, and will also contribute to opening new opportunities for the marketing of” Valvoline “lubricants after the acquisition by Saudi Aramco of Valvoline Global Products subsidiary of the American company Valvoline in February 2023.
For his part, the head of refining, chemicals and marketing at Saudi Aramco, Mohammed bin Yahya Al-Qahtani, considered this agreement an important step that falls within the company’s strategy, which aims to strengthen its global presence in the refining, chemicals and marketing sector, and expand its business in the retail, lubricants and trade sectors.
Al-Qahtani stressed the keenness to seize the opportunities offered by the company, as this provides more aspects of cooperation with the commercial and manufacturing system in Saudi Aramco, adding that this acquisition provides a platform to launch the “Saudi Aramco” brand both in Chile and on a larger scale in South America, which contributes to opening up great possibilities to benefit from new markets for the company’s products, especially since “Ismax” is a company with growth potential, and is well managed in Chile with more than 100 years of experience.
He welcomed the joining of the distinguished “Ismax” team to the Saudi Aramco family as we aspire to continue implementing the company’s strategy in the refining, chemicals and marketing sectors.
