Saudi Aramco completes Esmax acquisition

Aramco, one of the world's leading integrated energy and chemicals companies, has successfully completed the acquisition of 100% of Chile's leading diversified downstream fuels and lubricants retailer Esmax Distribución SpA (Esmax).

Esmax has operations across the country including retail gas stations, airport operations, fuel distribution terminals and lubricant blending plants.

The deal, first announced in September 2023, is Aramco's first downstream retail investment in South America, underscoring the attractiveness of the market and supporting the company's strategic objective of strengthening the downstream value chain.
Yasser Mufti, Aramco’s executive vice president of products and customers, said: “We are delighted to have completed the acquisition of Esmax and look forward to working with the talented local team in Chile to achieve our shared goals. Aramco’s goal is to become a major global retail player. This transaction combines our high-quality products and services, including Valvoline lubricants, with the experience and quality of an established operator in Chile."