The transaction represents Aramco’s first Downstream retail investment in South America.
Pictured at the transaction closing are Raul Sotomayor, Southern Cross Group partner (front left), and Mazin Dabbagh, Aramco Europe president and CEO (front right). Back row, from left, are Jaime Besa, Southern Cross Group partner; Ziyad Juraifani, Aramco vice president of Retail and Esmax chairman; and Nader Al Douhan, Aramco International Retail director.
Aramco has successfully completed the acquisition of a 100% equity stake in Esmax Distribución SpA (“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.
The transaction, which was first announced in September, represents Aramco’s first Downstream retail investment in South America, illustrates the attractiveness of this market, and supports the Company’s strategic goal to strengthen its Downstream value chain.
“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.”
— Yasser M. Mufti, Aramco executive vice president of Products and Customers
— The Arabian Sun: March 03, 2024