Saudi Aramco, the worlds top oil producer, acquires Primax, a Peruvian fuel distributor, for $3.5 billion, insiders reveal today.
The deal hands Aramco control over 2,185 fuel stations across Peru, Ecuador, and Colombia.This move expands Aramcos reach into South Americas growing energy market.
The Romero family, a Peruvian business powerhouse, launches Primax in 2002, selling its first gallon of fuel.They buy Shells Peruvian fuel arm in 2004 alongside Chiles ENAP, building a regional giant.
Now, Aramco takes over this network, including 180 Listo convenience stores in Peru and Ecuador.Aramco pays $3.5 billion, securing Primaxs 11 storage terminals, five LPG plants, and Shell lubricant rights.
This follows their 2024 purchase of Chiles Esmax, showing a clear southward push.Yasser Mufti, Aramcos executive, calls Chile a gateway for downstream growth in the region.
Primax grows fast, jumping from 120 stations in 2004 to over 2,100 by 2025, dominating Hispanic South America.Perus Primax Sells to Saudi Aramco, Shifts South Americas Fuel Game.
(Photo Internet reproduction)Meanwhile, Aramco invests in Perus LNG via MidOcean, holding a 49% stake since 2024.
Last year, Primax sells off $64 million in assets, then snaps up Terpels Peruvian units.Aramcos Strategic MoveThis deal matters because South Americas fuel demand rises as its economies expand, especially in transport.
Aramcos cash$440 billion in 2024 revenuecould modernize Primax, stirring competition with Petrobras and Ecopetrol.However, Grupo Romero shifts focus, possibly eyeing tech or infrastructure with the payout.Observers note Aramco challenges Western giants like Shell and Repsol, potentially lowering fuel prices regionally.The firms 2023 Valvoline buy for $2.65 billion hints at broader ambitions.
Still, analysts wonder how local players will respond to this Saudi heavyweight.
The story behind the figures reveals a calculated grab for market share in a resource-rich region.Aramco secures a foothold where oil remains king, while Perus business elite rethinks its future.
This acquisition, one of Perus biggest lately, signals more foreign eyes on South Americas energy prize.