Peru’S Primax Sells To Saudi Aramco, Shifts South America’S Fuel Game
(MENAFN- The Rio Times) Saudi Aramco, the world's 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 Aramco's reach into South America's growing energy market. The Romero family, a Peruvian business powerhouse, launches Primax in 2002, selling its first gallon of fuel.
They buy Shell's Peruvian fuel arm in 2004 alongside Chile's 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 Primax's 11 storage terminals, five LPG plants, and Shell lubricant rights. This follows their 2024 purchase of Chile's Esmax, showing a clear southward push.
Yasser Mufti, Aramco' 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.
Meanwhile, Aramco invests in Peru's LNG via MidOcean, holding a 49% stake since 2024. Last year, Primax sells off $64 million in assets, then snaps up Terpel's Peruvian units.
Aramco's Strategic Move
This deal matters because South America's fuel demand rises as its economies expand, especially in transport. Aramco's cash-$440 billion in 2024 revenue-could 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 firm's 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 Peru's business elite rethinks its future. This acquisition, one of Peru's biggest lately, signals more foreign eyes on South America's energy prize.
This move expands Aramco's reach into South America's growing energy market. The Romero family, a Peruvian business powerhouse, launches Primax in 2002, selling its first gallon of fuel.
They buy Shell's Peruvian fuel arm in 2004 alongside Chile's 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 Primax's 11 storage terminals, five LPG plants, and Shell lubricant rights. This follows their 2024 purchase of Chile's Esmax, showing a clear southward push.
Yasser Mufti, Aramco' 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.
Meanwhile, Aramco invests in Peru's LNG via MidOcean, holding a 49% stake since 2024. Last year, Primax sells off $64 million in assets, then snaps up Terpel's Peruvian units.
Aramco's Strategic Move
This deal matters because South America's fuel demand rises as its economies expand, especially in transport. Aramco's cash-$440 billion in 2024 revenue-could 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 firm's 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 Peru's business elite rethinks its future. This acquisition, one of Peru's biggest lately, signals more foreign eyes on South America's energy prize.
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