Aramco completes acquisition of Esmax

Saudi Aramco successfully completed the acquisition of a 100% equity stake in Esmax Distribución SpA (Esmax), a leading diversified downstream fuels and lubricants retailer in Chile.

Esmax has a national presence that includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant, Aramco said in an emailed statement to Argaam.

The transaction, which was first announced in September 2023, represents Aramco’s first Downstream retail investment in South America, illustrates the attractiveness of this market, and supports the Company’s strategic goal to strengthen its Downstream value chain. 

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, said Yasser Mufti, Aramco Executive Vice President of Products & Customers.

Source: Argaam