عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Aramco Completes Acquisition of Esmax

The transaction represents Aramco’s first downstream retail investment in South America. Photo: Aramco
The transaction represents Aramco’s first downstream retail investment in South America. Photo: Aramco
TT
TT

Aramco Completes Acquisition of Esmax

The transaction represents Aramco’s first downstream retail investment in South America. Photo: Aramco
The transaction represents Aramco’s first downstream retail investment in South America. Photo: Aramco

Saudi Aramco, one of the world’s top integrated energy and chemicals companies, successfully completed the acquisition of a 100% equity stake in Esmax Distribución SpA, a leading diversified downstream fuels and lubricants retailer in Chile.
Esmax has a national presence that includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.
The transaction, which was first announced in September, represents Aramco’s first downstream retail investment in South America, illustrates the attractiveness of this market, and supports the company’s strategic goal to strengthen its downstream value chain.
“We are delighted to conclude the acquisition of Esmax and look forward to working with the outstanding team on the ground in Chile to achieve our shared ambitions,” said Aramco Executive Vice President of Products & Customers Yasser Mufti.

“Aramco aims to be a primary global retail player and this deal combines our high-quality products and services, including Valvoline lubricants, with the experience and quality of an established operator in Chile,” he added.

Most Viewed

 
 
Business

Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT
TT

Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.