In a strategic move to bolster its global downstream presence, Saudi Aramco has triumphantly completed the acquisition of a 100 percent equity stake in Chile’s Esmax Distribucion, a prominent downstream fuels and lubricants retailer. The announcement was made on Friday, marking a significant milestone for both companies involved.
Esmax Distribucion boasts a robust national presence, encompassing retail fuel stations, airport operations, fuel distribution terminals, and a state-of-the-art lubricant blending plant. The completion of this acquisition aligns with Saudi Aramco’s broader strategic objective of fortifying its downstream value chain and marks its inaugural downstream retail investment in South America.
The transaction, initially disclosed in September 2023, underlines the allure of the South American market for Aramco and signifies a strategic foothold in the region’s energy landscape. The acquisition is poised to enhance Aramco’s capabilities and offerings in the downstream sector, reinforcing its position as a key player on the global retail stage.
Yasser Mufti, Aramco’s Executive Vice President of Products & Customers, expressed delight at the successful conclusion of the Esmax acquisition. Mufti emphasized Aramco’s commitment to becoming a primary global retail player, citing the combination of their high-quality products and services, including Valvoline lubricants, with the expertise and quality associated with an established operator like Esmax in Chile.
“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,” Mufti stated. The collaboration between Aramco and Esmax is anticipated to foster a synergistic partnership that leverages the strengths of both entities, ultimately benefiting the local market and consumers.
As Saudi Aramco solidifies its footprint in the South American downstream market, this acquisition signals a commitment to excellence and innovation, setting the stage for a mutually prosperous future in the evolving global energy landscape.
