Aramco Agrees to Purchase Full 100% Stake in Esmax from Southern Cross Group in Landmark Deal. The transaction is contingent on customary conditions, including regulatory approvals.
Esmax, a prominent diversified downstream fuels and lubricants retailer in Chile, is set to join the Aramco portfolio, according to Arabian Business.
Aramco Enters South American Retail Market
Aramco’s impending acquisition of Esmax marks its inaugural investment in the South American downstream retail sector, recognizing the potential and allure of these markets as it advances its strategy to fortify its downstream value chain.
This move will not only provide Aramco with secure outlets for its refined products but will also facilitate the expansion of its international retail operations.
Furthermore, this acquisition will open up new market avenues for Valvoline-branded lubricants, building upon Aramco’s acquisition of the Valvoline global products business in February 2023.
Mohammed Y. Al Qahtani, Aramco Downstream President, said: “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.”
“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.”