Saudi Aramco to acquire Chile’s Esmax Distribusción

Saudi Aramco to acquire Chile’s Esmax Distribusción

Image courtesy: Saudi Aramco

Saudi Aramco, the world’s biggest oil producer, has agreed to acquire a 100 per cent equity stake in Esmax Distribusción (Esmax) from Southern Cross Group.

The state-energy firm said the transaction is subject to certain customary conditions, including regulatory approvals.

Esmax distributes Petrobas fuel in Chile. The transaction will give Aramco access to retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.

The deal is set to be Aramco’s first downstream retail investment in South America. The company said it recognises the potential and attractiveness of this market and the acquisition of Esmax will advance the company’s strategy of strengthening its downstream value chain.

As part of our ongoing Downstream growth strategy, we announce our agreement to acquire Esmax, a leading diversified downstream fuel and lubricant retailer in South America

Learn more 👇🏽https://t.co/Sp5eT8t5gm#aramco90th#aramco pic.twitter.com/zSpJ5RciM2

— aramco (@aramco) September 15, 2023

The transaction would enable the energy firm to secure outlets for its refined products and help expand its retail business internationally.

“This agreement is yet another milestone in our strategy to grow Aramco’s downstream presence globally and expand our retail, lubricants and trading businesses. We are excited by the opportunities it presents, creating synergies with our extensive trading and