Aramco has completed its 100% acquisition of Esmax Distribución SpA, a prominent downstream fuels and lubricants retailer in Chile, marking Aramco’s first investment in the South American market.

Esmax has a strong national presence in Chile, with retail fuel stations, airport operations, fuel distribution terminals, and a lubricant blending plant.

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, as Aramco stated in its press release on Sunday.

“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, Aramco Executive Vice President of Products & Customers.