Saudi Aramco has entered the South American retail fuel and lubricants market for the fi rst time,acquiring a company in Chile that provides it with a platform for future expansion in the region. The Saudi oil giant said it had agreed to acquire 100% of Esmax Distribucion from Southern CrossGroup, a Latin America-focused private equity company. It did not disclose the purchase price. Thedeal refl ects Aramco's strategy of locking in demand for its oil in markets where sales of refi nedproducts are expected to keep growing, even as they contract in some of the world's more affl uentcountries.
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