Saudi Aramco successfully completed the acquisition of a 100 percent equity stake in Chile’s Esmax Distribucion, a leading diversified downstream fuels and lubricants retailer, it was announced on Friday.
Esmax has a national presence that includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.
The transaction, which was first announced in September 2023, represented Aramco’s first downstream retail investment in South America, illustrating the attractiveness of this market, and supports the Saudi company’s strategic goal to strengthen its downstream value chain.
“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,” 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.”