Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco)has fully acquired Esmax Distribución SpA, a leading diversified downstream fuels and lubricants retailer in Chile.
The transaction, which was first announced in September 2023, marks Aramco’s first Downstream retail investment in South America, according to a press release.
In line with its strategic growth plans, the acquisition deal backs the Saudi oil giant to reinforce its Downstream value chain.
Yasser Mufti, Aramco Executive Vice President of Products & Customers, said: “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.”
Esmax’s business covers retail fuel stations, airport operations, fuel distribution terminals, and a lubricant blending plant.
In February, Aramco penned 40 purchase agreements at a combined value of $6 billion with suppliers in the Kingdom, which aligned with the listed company’s objectives to meet the increasing demands of its clients.
