Riyadh, Saudi Arabia – Aramco, one of the world’s leading integrated energy and chemicals companies, has announced its agreement to acquire a 100% equity stake in Esmax Distribusción from Southern Cross Group, a Latin America-focused private equity company.
The acquisition marks Aramco’s entry into the South American retail market.
Esmax is a major player in the Chilean downstream fuels and lubricants retail sector, boasting a national presence that encompasses retail fuel stations, airport operations, fuel distribution terminals, and a lubricant blending plant.
The development aligns with Aramco’s broader strategy of bolstering its presence in the downstream sector worldwide.
The acquisition comes on the heels of Aramco’s earlier purchase of Valvoline Inc.’s global products business in February 2023.
“This agreement is yet another milestone in our strategy to grow Aramco’s downstream presence globally and expand our retail, lubricants, and trading businesses. We are excited by the opportunities it presents, creating synergies with our extensive trading and manufacturing systems,” Mohammed Y. Al Qahtani, Aramco Downstream President, said. “Moreover, it creates a platform to launch the Aramco brand both in Chile and South America more broadly, unlocking significant potential to capitalize on new markets for our products. Esmax is a well-run business in Chile with more than 100 years of experience with quality assets and growth potential. We are excited to have the outstanding people of Esmax join the Aramco family as we continue to execute on our downstream strategy.”