Saudi Aramco agreed to buy fuel distributor Esmax Distribucion SpA in Chile, the latest investment in the energy giant’s push to expand its refining and chemicals operations worldwide.
The acquisition would help Aramco secure outlets for its refined oil products, according to a statement Friday. It would also allow the company to unlock new markets for lubricants after it bought Valvoline Inc.’s petroleum business for $2.65 billion earlier this year. Aramco didn’t disclose the value of the Esmax transaction.
“This agreement is yet another milestone in our strategy to grow Aramco’s downstream presence globally and expand our retail, lubricants and trading businesses,” said Mohammed Al Qahtani, head of downstream operations.
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