Saudi Aramco, one of the world's leading integrated companies in the field of energy and chemicals, has reached an agreement for the full acquisition of Ismax distribution company (sbe) (Ismax) from Southern Cross Group. The transaction is subject to certain customary conditions, including regulatory approvals.
This transaction represents Saudi Aramco's first investment in the retail and marketing business in South America, which enjoys promising and attractive markets. the transaction will also enable the strengthening of Saudi Aramco's value chain strategy in the refining, chemicals and marketing sector.it will also contribute to opening new opportunities for the marketing of Valvoline lubricants after the acquisition by Saudi Aramco of Valvoline global products, a subsidiary of the American Valvoline company, in February 2023.
The president of refining, chemicals and marketing at Saudi Aramco, Mohammed bin Yahya Al-Qahtani, promised this agreement is an important step in the company's strategy, which aims to strengthen its global presence in the refining, chemicals and marketing sector, and expand its business in the retail, lubricants and trade sectors. 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 to this acquisition provides a platform to launch the Saudi Aramco brand both in Chile and more widely in South America, which contributes to opening up great possibilities to benefit from new markets for the company's products, especially since (Ismax) is a company with growth potential, and is well managed in Chile, where it has more than 100 years of experience, welcome the (Ismax) distinguished team to join the Saudi Aramco family, as we aspire to continue implementing the company's strategy in the refining, chemical and marketing sectors.
Ismax is one of the leading companies in the field of retail trade of fuels and lubricants in Chile, where its scope of business includes: retail fuel stations, airport operations, fuel distribution stations, and the production and distribution of lubricants.