Saudi Aramco acquires Primax in $3.5 billion deal
Published on: Mar 21, 2025
Primax operates 2,185 gas stations in Peru, Colombia, and Ecuador. The purchase adds to Aramco’s growing footprint in Peru.
Saudi Aramco, the world’s largest oil company, has acquired Primax, a major fuel distributor with operations in Peru, Colombia, and Ecuador. The deal, valued at approximately $3.5 billion, marks another strategic move by the Saudi giant into the South American energy market, according to Peruvian financial newspaper Gestión.
Primax, owned by Peruvian conglomerate Grupo Romero, operates 2,185 gas stations across the three countries. Neither Aramco nor Grupo Romero has commented on the acquisition.
The purchase adds to Aramco’s growing footprint in Peru, where it already holds a minority stake in Peru LNG, a liquefied natural gas plant located south of Lima. That stake was acquired last year from Hunt Oil Company.
Primax has been actively restructuring its assets, including selling off subsidiaries of Terpel in Peru and Ecuador last year in a $64 million transaction. The company acquired 100% of Terpel Perú and Terpel Comercial Perú, as well as Terpel Comercial Ecuador, as part of its consolidation strategy.
The acquisition of Primax by Saudi Aramco is seen as part of the company's ongoing efforts to expand its presence in key international markets.
