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Aramco buys out Chile’s fuel and lubricant retailer

By Pramod Kumar
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.

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