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Aramco to enter South American market with Esmax acquisition
Aramco is set to purchase a 100% equity stake in Esmax Distribusción SpA (“Esmax”) from Southern Cross Group, a Latin America-focused private equity company. Esmax is a diversified downstream fuels and lubricants retailer in Chile. Its business includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.
Front row, from left: Southern Cross Group Partner Raoul Sotomayor and Acting President of Aramco Europe Mansour Al Turki. Back row, from left: Southern Cross Group Partner Jaime Besa, Aramco Executive Vice President of Products and Customers Yasser Mufti, Aramco Director of Retail Business Solutions Nader Douhan, and Aramco Director of Mergers & Acquisitions Mohammed Al Qahtani.
SOURCE | ARAMCO
Aramco’s planned acquisition of Esmax will be its first Downstream retail investment in South America. This transaction will enable Aramco to secure outlets for its refined products and help expand its retail business internationally, while also unlocking new market opportunities for Valvoline branded lubricants.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 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 our downstream strategy.”