Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Saudi Aramco Agrees to Fully Acquire Chilean ESMAX

Sun 17 Sep 2023 | 06:56 AM
Taarek Refaat

Saudi Aramco reached an agreement to fully acquire Chilean ESMAX Distribution Company from the Southern Cross Group. 

The company said in a statement, that “Esmax” is one of the leading companies in the field of retail trade of fuels and lubricants in Chile, as the scope of its business includes: retail fuel stations, airport operations, fuel distribution stations, and the production and distribution of lubricants.

The statement explained that this deal represents Saudi Aramco's first investment in retail and marketing business in South America, which has promising and attractive markets.

According to the statement, the deal will enable Aramco to strengthen its value chain strategy in the refining, chemicals and marketing sectors, and this will also contribute to opening new opportunities for marketing Valvoline lubricants after Saudi Aramco acquired Valvoline International Products Company, a subsidiary of the American company Valvoline, in February 2023.