Saudi Aramco Acquires majority stake in Latin American fuel distributor Primax for USD 3.5bn

Saudi Aramco has taken a major step in its global downstream expansion by acquiring a 90.6% stake in Latin American fuel distributor Primax from Peru’s Grupo Romero in a USD 3.5bn deal, local media reported.

The transaction gives Aramco control of 2,185 petrol stations across Peru, Colombia, and Ecuador, marking its most significant retail presence in Latin America to date. Through the acquisition, Aramco established a direct link to consumers in a high-growth region while reducing reliance on third-party distributors.

Primax, formed through the merger of Romero Trading’s fuel division and Chile’s ENAP, had previously absorbed Shell Peru’s fuel business. Its expansive infrastructure includes 11 fuel storage terminals and five LPG plants, along with distribution rights for Shell lubricants.

Aramco’s acquisition aligns with its long-term strategy to diversify beyond crude oil by capturing more value across the energy value chain. By acquiring control of a regional fuel leader like Primax, Aramco secures a guaranteed retail outlet for its refined products and opens the door for future vertical integration, including petrochemicals, lubricants, and convenience services.

In 2024, Saudi Aramco acquired an indirect minority stake in Peru LNG from Hunt Oil Company through its ownership in U.S.-based global LNG platform MidOcean Energy.

Aramco is the world’s largest oil producer and manages the world’s second-largest proven crude oil reserves.

Grupo Romero is a Peruvian conglomerate with a diverse portfolio of businesses across various sectors, including agribusiness, logistics, finance, and energy.