Dhahran, March 1, 2024, Aramco, renowned as one of the world's leading integrated energy and chemicals corporations, has achieved a significant milestone with the successful acquisition of a 100% equity stake in Esmax Distribución SpA, a prominent diversified downstream fuels and lubricants retailer based in Chile.
Esmax boasts a formidable national presence, encompassing retail fuel stations, airport operations, fuel distribution terminals, and a state-of-the-art lubricant blending plant.
This transaction, initially announced in September, marks Aramco's inaugural downstream retail investment in South America. It serves as a testament to the allure of the South American market and aligns with the company's strategic imperative to fortify its downstream value chain.
Commenting on the acquisition, Aramco's Executive Vice President of Products & Customers, Yasser Mufti, expressed enthusiasm, stating, "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."
