London: In a significant move marking Saudi Aramco’s strategic expansion into South America, the company has finalized the acquisition of 100% equity stake in Esmax Distribucion, a prominent downstream fuels and lubricants retailer based in Chile. This transaction, which was initially unveiled in September 2023, not only signifies Aramco’s inaugural downstream retail investment in the region but also underscores the company’s commitment to bolstering its downstream value chain.
Esmax boasts a nationwide presence encompassing retail fuel stations, airport operations, fuel distribution terminals, and a state-of-the-art lubricant blending plant. With this acquisition, Aramco gains access to a diverse portfolio of assets and capabilities, further solidifying its position as a global leader in the energy sector.
Yasser Mufti, Aramco’s Executive Vice President of Products & Customers, expressed enthusiasm about the acquisition, highlighting the company’s shared vision with Esmax and its dedication to delivering high-quality products and services. Mufti emphasized Aramco’s strategic goal of becoming a key player in the global retail market, leveraging its expertise alongside the established operational excellence of Esmax in Chile.
The completion of the Esmax acquisition marks a significant milestone in Aramco’s journey towards expanding its global footprint and strengthening its presence in key markets. With a focus on collaboration and synergy, Aramco is poised to unlock new opportunities and drive sustainable growth in the downstream sector, further solidifying its position as an industry leader.
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