Aramco to enter South America retail market after acquiring Chile’s Esmax

By Nada Ali On Sep 17, 2023

At the signing ceremony, front row, from left: Southern Cross Group Partner Raoul Sotomayor and Acting President of Aramco Europe Mansour Al Turki. Back row, from left: Southern Cross Group Partner Jaime Besa, Aramco Executive Vice President of Products and Customers Yasser Mufti, Aramco Director of Retail Business Solutions Nader Douhan, and Aramco Director of Mergers & Acquisitions Mohammed Al Qahtani. Photo Credit: aramco.com

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.