Aramco enters South America with acquisition of Esmax

Petrobras’ licensee in Chile operates a network of over 280 service stations across the country and has become Aramco’s first investment in South America.

Aramco has successfully completed the acquisition of a 100% equity stake in Esmax Distribución, 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.

“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,” said Yasser Mufti, Executive Vice President of Products & Customers at Aramco.

The transaction, which was first announced in September 2023, 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.

Esmax has been Petrobras’ licensee in Chile since 2017, currently operating a network of over 280 service stations across the country. In addition, the company sells lubricants at more than 70 locations and has established 130 convenience stores throughout its footprint.