Aramco, a global integrated energy and chemicals company, has successfully finalized the acquisition of a 100% equity stake in Esmax Distribución SpA ("Esmax"), a prominent downstream fuels and lubricants retailer in Chile.
Esmax is a well-established entity with a nationwide presence encompassing retail fuel stations, airport operations, fuel distribution terminals, and a lubricant blending plant.
The acquisition, initially disclosed in September 2023, marks Aramco's inaugural downstream retail investment in South America. It reflects the company's strategic objective of enhancing its downstream value chain and underscores the attractiveness of the South American market.
Yasser Mufti, Aramco Executive Vice President of Products & Customers, expressed enthusiasm about the acquisition, 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."
