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Chile authorizes purchase of local Petrobras subsidiary by Saudi Aramco

Chile authorizes purchase of local Petrobras subsidiary by Saudi Aramco

The National Economic Prosecutor’s Office (FNE) authorized this Monday the sale of the subsidiary of the Brazilian Petrobras in Chile to the Saudi oil company Aramcowhich allows it to enter the South American market.

In a report issued five months after the sale was subject to its decision, the FNE argued, among other reasons, that the parties involved “would lack the ability to produce market closures, either through a blockade of inputs or customers“, reason that facilitates the sale of 100% of the shares of the Chilean company Esmax Spa Distributionprivate equity company.

Likewise, he assured that this transaction, “consisting of the acquisition of control in Esmax Distribución SpA by Aramco Overseas Company BV.. is not suitable to substantially reduce competition in the markets”.

Esmaxa local subsidiary of Petrobras, is one of the leading companies in the distribution of fuels and lubricants in Chiliwith dozens of service stations, airport operations, fuel distribution terminals and a lubricant mixing plant.

When the agreement subject to the decision of the FNE was announced in September, Aramco explained that the acquisition of Esmax It was its first “downstream” retail investment (processing, refining, distribution and marketing of petroleum products) in South America.

And that among its objectives was to create a platform to launch the brand Aramco both in Chili like in South America, “unlocking significant potential to capitalize on new markets” for their products.

Source: Gestion

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