Aramco wraps-up its acquisition of Chile’s Esmax

Aramco finalizes acquisition of Chile’s Esmax: Oil giant Aramco has completed its acquisition of a 100% equity stake in Chile’s fuel distributor Esmax Distribución, marking its entry into fuel retailing in South America, it said in a statement on Friday. The value of the transaction was not disclosed.

This has been brewing for months: Aramco had entered into an agreement in September with Latin America-focused private equity firm Southern Cross Group to buy Esmax.

A scale up + expansion of operations: The move supports Aramco’s global growth strategy and boosts its downstream value chain, it said earlier. It would also allow Aramco to unlock new markers for lubricants following a transaction that saw it acquire Valvoline’s lubricant business for USD 2.65 bn.

What they said: “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,” Aramco’s VP of Products and Customers Yasser Mufti said.

About Esmax: Esmax is the third biggest fuel retailer in Chile with operations also in the industrial, aviation and lubricants businesses, according to Southern Cross Group. The retailer manages some 279 service stations and 130 convenience stores.