Saudi Aramco Agrees to Purchase Chile’s Esmax

Saudi Arabian oil giant Aramco agreed to purchase a Chile’s Esmax Distribución SpA (Esmax) from Southern Cross Group, the company said in a statement on Friday.

“The transaction is subject to certain customary conditions, including regulatory approvals,” the statement added.

In 2022, Esmax recorded revenue of the equivalent of $2.5 billion and a profit of $57.7 million. Esmax distributes Petrobas fuel in Chile.

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In 2016, Petrobras agreed to sell its assets in Chile to a company controlled by Private Equity I Investment Fund, managed by Ameris Capital and in which Southern Cross Group is the main contributor.

The Ameris fund said it expected the approval conditions to be met by the fourth quarter of 2023.