Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully completed the acquisition of a 100% equity stake in Esmax Distribución (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.

 

Saudi oil giant said the transaction, which was first announced in September last year, marks it first downstream retail investment in South America, thus illustrating the attractiveness of the market.

 

It also supports the company’s strategic goal to strengthen its downstream value chain. 

 

On the strategic move, Executive Vice President (Products & Customers) Yasser Mufti said: "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," he added.-TradeArabia News Service