Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has agreed to purchase a 100 percent equity stake in Esmax from Southern Cross Group, a Latin America-focused private equity company.

Esmax is a leading diversified downstream fuels and lubricants retailer in Chile. Its national presence includes retail fuel stations, airport operations, fuel distribution terminals, and a lubricant blending plant.

Aramco’s planned acquisition of Esmax would be its first Downstream retail investment in South America, recognizing the potential and attractiveness of these markets while advancing Aramco’s strategy of strengthening its downstream value chain.

This transaction would enable Aramco to secure outlets for its refined products and help expand its retail business internationally. The transaction is subject to certain customary conditions, including regulatory approvals.

The acquisition also unlocks new market opportunities for Valvoline branded lubricants, following Aramco’s acquisition of the Valvoline Inc. global products business in February 2023, as per the statement.