Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has completed the acquisition of a 100 percent equity stake in Esmax Distribución (Esmax), a leading diversified downstream fuels and lubricants retailer in Chile.
Esmax is a leading diversified downstream fuels and lubricants retailer in Chile. Its national presence includes retail fuel stations, airport operations, fuel distribution terminals, and a lubricant blending plant.
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.
Yasser Mufti EVP – Products & Customers, Aramco
“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.”
This acquisition enables Aramco to secure outlets for its refined products and help expand its retail business internationally. The transaction is subject to certain customary conditions, including regulatory approvals.
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