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Saudi Aramco announced on Friday that it has agreed to purchase a 100 percent equity stake in Chile’s Esmax Distribusción (Esmax) from Southern Cross Group, a Latin America-focused private equity company.
The acquisition would enable Aramco to secure outlets for its refined products and help expand its retail business internationally. However, the transaction is subject to certain customary conditions, including regulatory approvals.
This move creates a platform to launch the Aramco brand both in Chile and South America more broadly, unlocking significant potential to capitalise on new markets, said Mohammed Y. Al Qahtani, Aramco Downstream President.
