Aramco completes acquisition of Esmax from Southern Cross Group
Pictured at the transaction closing are Southern Cross Group Partner Raul Sotomayor, front left, and Aramco Europe President & CEO Mazin Dabbagh, front right. Back row, from left, are Southern Cross Group Partner Jaime Besa, Aramco Vice-President of Retail and Esmax Chairman Ziyad Juraifani, and Aramco International Retail Director Nader Al Douhan. Photo courtesy of Aramco

Aramco completes acquisition of Esmax from Southern Cross Group

In a significant expansion of its global footprint, Aramco, a global leader in integrated energy and chemicals based in Dhahran, Saudi Arabia, has finalised its acquisition of Esmax Distribución SpA, from Southern Cross Group, a Latin American private equity fund based in Santiago, Chile.

Esmax is the third largest fuel distribution company in Chile. Esmax operates in the retail segment under the Petrobrás Distribución brand. Esmax manages 279 service stations, 130 with convenience stores. In addition, Esmax operates in the industrial, aviation and lubricants businesses, with a competitive infrastructure network across the entire country. Finally, the company holds non-controlling interests in an oil pipeline and a jet fuel storage facility at the Santiago Airport.

This acquisition, which grants Aramco full ownership of Esmax, marks the company’s inaugural downstream retail venture in South America.

The deal, initially announced in September 2023, underscores Aramco’s strategic intent to bolster its downstream value chain and highlights the South American market’s potential. This move aligns with Aramco’s ambition to become a leading player in the global retail sector, combining its high-quality products and services, such as Valvoline lubricants, with Esmax’s established market presence and operational excellence in Chile.

Yasser Mufti, Aramco’s executive vice president of Products & Customers, expressed enthusiasm about the acquisition. “We are delighted to conclude the acquisition of Esmax and look forward to working with the outstanding team on the ground in Chile to achieve our shared ambitions. 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.”