Aramco buys Peruvian fuel distributor Primax: State-owned energy giant Aramco reportedly acquired Peru’s downstream fuel distributor Primax, in a transaction that included a payment of USD 3.5 bn, Peruvian financial newspaper Gestión reported last Friday, citing sources it says are in the know. This story got ink in Reuters.

What we don’t know: Specific details on the ownership stake acquired and the expected timeline to finalize the acquisition — which was reportedly closed last week — were not disclosed. Aramco and Primax did not confirm the reports.

Not new to Peru: Aramco holds a 17.2% indirect stake in Peru LNG after increasing its ownership in EIG’s MidOcean Energy to 49% in September of last year. The increase move came alongside Aramco financing MidOcean Energy’s acquisition of an additional 15% stake in LNG from Texas’ Hunt Oil Company, raising its total stake to 35%.

About Primax: Established in 2005 and owned by Peruvian conglomerate Grupo Romero, Primax has 2.2k stations in Peru, Colombia, and Ecuador. The company expanded through acquisitions that included Shell and Repsol's assets in Ecuador, Pecsa’s assets in Peru, and ExxonMobil's fuel business in Colombia.

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