The Saudi oil giant has entered the Chilean market as a new wholesale fuel supplier and operator of service stations, replacing Copec as a partner of the LATAM Pass loyalty program. This move strengthens Chile’s appeal for foreign investment in the energy and retail sectors.
In a development that marks a major milestone in Chile’s energy industry, Saudi Aramco—the world’s largest oil company—has taken a decisive step into the Chilean market.
Through its subsidiary Aramco Trading Company, it has finalized a partnership with Petrobras Chile and LATAM Pass, the country’s leading passenger loyalty program, establishing itself as a new player in Chile’s fuel and retail market, according to Chilean business publication Diario Financiero.
The operation involves more than just a change in wholesale fuel supplier—it also reshapes the competitive dynamics of the service station market and benefits for consumers.
The news was confirmed by LATAM Airlines, which officially announced that «Petrobras Chile, operated by Aramco, will be the new fuel partner of LATAM Pass.» Through this initiative, Aramco is taking over the strategic partnership role in the LATAM Pass program previously held by Copec.
Under the new arrangement, customers can accumulate miles by refueling at Petrobras service stations.
According to Diario Financiero, customers will earn 1 mile per liter of gasoline or diesel purchased, with additional benefits for those who pay using Santander LATAM Pass credit cards.
Customers of the bank can earn 1.5 miles per liter, and up to 2 miles if they use the Petrobras Más app.
This agreement marks Aramco’s first visible step into the Chilean market, following its 2022 acquisition of the fuel and lubricant distribution assets of Esmax Distribución, which owns the Petrobras Chile network, in a deal worth around US$500 million.
Aramco now participates in both the wholesale fuel supply and the operation of over 280 Petrobras service stations in Chile.
The partnership with LATAM strengthens its position in the consumer segment, expanding its presence beyond the traditional petroleum and derivative products business.
This partnership strengthens Aramco’s positioning strategy in a highly competitive market. According to LATAM, the agreement will help to enhance the benefits ecosystem of the LATAM Pass program, allowing customers to continue earning miles on everyday purchases.
Through Petrobras Chile, Aramco commented that «the partnership with LATAM Pass is an opportunity to connect with our customers through tangible benefits and enhance their purchasing experience.»
Copec’s exit from the program is seen as part of an internal strategic shift, where the company may be choosing to strengthen its own loyalty channels.
However, the change also highlights the interest of new players seeking to gain market share by offering unique benefits.
Aramco’s arrival in Chile consolidates the country’s position as a reliable and competitive destination for foreign investment in the energy, fuel, and retail sectors.
The company’s presence will help to invigorate the local market, broaden the value proposition for consumers, and introduce new business practices.
InvestChile plays a key in these efforts by facilitating the entry of top-tier international players. The agency actively promotes sectors such as energy, infrastructure, and the digital economy, fostering public-private collaboration to streamline the development of new projects.
Just a few weeks ago, President Gabriel Boric appointed Francisco Picón as the new investment commissioner for the Middle East. Francisco will be based in Saudi Arabia’s capital city, Riyadh, where he will serve companies from across the region, including the UAE, Qatar, Oman, and Kuwait, in addition to Saudi Arabia.
Are you interested in investing in Chile’s energy sector? Find out more about the available opportunities at www.investchile.gob.cl or contact us.