ALBAWABA - Aramco Saudi Arabia, one of the globally renowned integrated energy and chemical companies, has successfully concluded an acquisition agreement with Southern Cross Group, gaining full control of Ismax Distributors (SPB) (Ismax).
This transaction is subject to customary regulatory approvals. Notably, this marks Aramco Saudi Arabia's initial investment in retail and marketing operations in South America, a region characterized by promising and attractive markets. The acquisition further bolsters Aramco Saudi Arabia's strategic value chain in the refining, chemical, and marketing sectors, while also paving the way for new opportunities in the lubricants market following its earlier acquisition of Valvoline Global Products, a subsidiary of Valvoline Corporation, in February 2023.
Mohammed bin Yahya Al-Qahtani, President of Refining, Chemicals, and Marketing at Aramco Saudi Arabia, emphasized the significance of this agreement as a pivotal step in the company's strategy to enhance its global presence in the refining, chemical, and marketing sectors, as well as to expand its footprint in retail, lubricants, and trade. He affirmed the commitment to seize the opportunities presented by the company, which will enhance cooperation with the business and manufacturing ecosystem within Aramco Saudi Arabia. Furthermore, this acquisition provides a platform for launching the Aramco Saudi Arabia brand, both in Chile and potentially across a broader spectrum in South America, unlocking substantial potential for the company's product offerings. Ismax, with over a century of experience, is well-managed in Chile and possesses significant growth potential. We warmly welcome the distinguished Ismax team into the Aramco Saudi Arabia family, and we are eager to continue executing the company's strategy in the refining, chemical, and marketing sector. Ismax is a leading company in the retail fuel and lubricants trade in Chile, encompassing retail fuel stations, airport operations, fuel distribution stations, and lubricant oil production and distribution.
