Skip to content Skip to Search
Skip navigation

Aramco buys out Chile’s fuel and lubricant retailer

Aramco
Southern Cross Group partner Raul Sotomayor (left) and Aramco Europe president and CEO Mazin Dabbagh sign the acquisition deal

Saudi Aramco, the world’s largest oil producer, has completed the acquisition of a 100 percent stake in Chile’s downstream fuel and lubricant retailer Esmax Distribución SpA (Esmax).

The Chilean company owns and operates retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant. 

The transaction, which was announced in September 2023, is Aramco’s first downstream retail investment in South America.  

“Aramco aims to be a primary global retail player and this deal combines our high-quality products and services, including Valvoline lubricants, with an established operator in Chile,” said Yasser Mufti, executive vice president of products and customers, Aramco.

The value of the deal was not given.

In December 2023, Aramco acquired a 40 percent equity stake in Gas & Oil Pakistan Ltd. (GO), a privately-owned fuels, lubricants and convenience stores operator.

Latest articles

reducing inflation Egypt Mohamed Maait finance minister

Reducing inflation is Egypt’s top priority, says minister

Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]

The total value of projects under construction in Masdar City is estimated at AED1 billion

Masdar City has up to $1bn of projects at design phase

Masdar City, Abu Dhabi’s sustainability-focused urban community, is working on projects in critical sectors of the UAE, backed by investments of between AED3 and AED4 billion ($817 million and $1 billion). The projects include energy, artificial intelligence (AI), space, life sciences and agriculture, the UAE state-run Wam news agency reported, quoting CEO Ahmed Baghoum. He […]