Saudi Aramco agrees to purchase Chile's Esmax - Reuters

Saudi Aramco agrees to purchase Chile's Esmax | Reuters

Saudi Aramco agrees to purchase Chile's Esmax

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing Rights

CAIRO, Sept 15 (Reuters) - Saudi Arabian oil giant Aramco (2222.SE) 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.

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.

Reporting by Enas Alashray and Alaa Swilam in Cairo and Fabian Cambero in Santiago; editing by David Evans

Our Standards: The Thomson Reuters Trust Principles.

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