“Al Jazeera” – Economy:
Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has reached an agreement to fully acquire ESMAX Distribution Company (SPE) (ESMAX) from the Southern Cross Group. The deal is subject to certain conditions, including regulatory approvals. This deal represents Saudi Aramco’s first investment in retail and marketing business in South America, which has promising and attractive markets. The deal will also enable Saudi Aramco to strengthen Saudi Aramco’s value chain strategy in the refining, chemicals and marketing sector. This will also contribute to opening new opportunities for marketing Valvoline lubricants. After Saudi Aramco acquired Valvoline International Products, a subsidiary of the American company Valvoline, in February 2023.
The President of Refining, Chemicals and Marketing at Saudi Aramco, Muhammad bin Yahya Al-Qahtani, considered this agreement an important step in the company’s strategy, which aims to strengthen its presence at the global level in the refining, chemicals and marketing sector, and expand the scope of its business in the retail, lubricants and trade sector. He stressed the keenness to seize the opportunities offered by the company, as this provides more aspects of cooperation with the commercial and manufacturing system in Saudi Aramco. In addition, this acquisition provides a platform for launching the Saudi Aramco brand, whether in Chile or on a larger scale in South America, which contributes to opening Great potential to benefit from new markets for the company’s products, especially since (ESMAX) is a company that has growth potential and is well managed in Chile, where it has more than 100 years of experience. We welcome the distinguished (ESMAX) team to join the Saudi Aramco family, as we aspire to continue implementing the company’s strategy in the sector. Refining, chemicals and marketing. (ESMAX) is one of the leading companies in the retail trade of fuels and lubricants in the State of Chile, as its business scope includes: retail fuel stations, airport operations, fuel distribution stations, and the production and distribution of lubricants.
2023-09-17 00:24:31
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