BAKU, Azerbaijan, March 4. Saudi Aramco has completed its acquisition of a 100 percent equity stake in Esmax Distribución SpA, a downstream fuels and lubricants retailer in Chile, Trend reports.
The acquisition, initially unveiled in September 2023, marks Aramco's first downstream retail investment in South America. This is aimed at strengthening business in South America and improving overall downstream operations.
"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," said Yasser Mufti, Aramco Executive Vice President of Products & Customers.
Esmax Distribución SpA runs terminals that distribute fuel. The company provides various products like diesel, gasoline, kerosene, fuels, lubricants, and more. They cater to customers in Chile.