Saudi Aramco acquires Chile’s Esmax

Chile

LAS CONDES, March 4, 2024 – Saudi Aramco has completed its acquisition of Chile’s Esmax Distribución, marking its entry into the South American downstream, the Saudi energy giant announced on Friday.

Esmax’s assets include retail fuel stations, airport operations, fuel distribution terminals and a lubricants blending plant.

Aramco is strengthening its integrated downstream value chain worldwide, aiming to become a top global retail player. The company’s downstream presence allows it to secure and de-risk liquids demand, supporting its upstream operations. It has a crude production capacity of around 12 million bopd.

Its acquisition of Esmax was unveiled in September 2023.

Esmax has been active in Chile’s fuels and lubricants market for more than 100 years. It succeeded Esso Chile Petrolera and has operated Petrobras’s licence in Chile since 2017.