Bloomberg— Saudi Aramco has agreed to acquire fuel distribution company Esmax Distribución SpA in Chilethe energy giant’s latest investment in its efforts to expand its refining and chemicals operations around the world.
The acquisition would help Aramco secure sales outlets for its refined productsAccording to a statement issued on Friday. It will also allow the company to open new markets for lubricants after acquiring Valvoline Inc.’s oil business. This year for $2.65 billion. Aramco did not disclose the value of the ESMAX deal.
“This agreement is another milestone in our strategy to increase Aramco’s presence in global distribution. Mohammed Al-Qahtani, Head of Distribution Operations, said: “We are working to expand our business in retail, lubricants and marketing.
State-backed Aramco is investing heavily in fuel and petrochemicals to diversify its oil sales, while exploiting demand in new markets. In January, It acquired a stake in a 211,000 bpd refinery in Poland To take advantage of Europe’s shift away from Russian energy supplies.
The purchase of ESMAX from investment firm Southern Cross Group will be Aramco’s first in the fuel retail sector in South America. It will provide the Saudi company with access to gas stations, distribution stations, airport operations and a lubricant blending plant, according to a statement on Friday.
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