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

Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
TT
TT

Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.