Exxon Mobil Corp announced it will bring its Mobil-brand gas stations to Mexico, investing $300 million USD in the coming decade as it seeks to gain a foothold in the country’s retail fuel market, Reuters reported.
Exxon expects to open its first service stations in Mexico later this year and will offer motorists its Synergy gasoline and diesel fuels, the U.S.-based oil company said in a statement on Wednesday May 17.
The company did not specify how many service stations it would open in Mexico or where it would source the fuel for them. But local newspaper Reforma reported on Wednesday that Exxon company official Martin Proske said in an interview that supply options included importing fuel via train or boat or buying gasoline from state-owned Pemex.
The plan follows BP Plc’s announcement earlier this year that the British oil giant would open about 1,500 service stations in Mexico within five years.
BP told Reuters on Wednesday that its foray into Mexico is proving more promising than expected, and that it would likely increase its investment in everything from exploration to retail fuel sales.
Separately, Mexican media reported Royal Dutch Shell said it would also open its first gas station in the country this year, citing the firm’s downstream chief for Mexico, Andres Cavallari. Shell did not immediately reply to requests for comment.
Latin America’s No. 2 economy is home to about 11,400 gas stations and is the world’s fourth biggest gasoline market, Mexico’s energy minister has said.
For decades, Mexico’s fuel market was closed — by law — to any company but Pemex. But in 2013, reforms ended Pemex’s monopoly in everything from crude oil production to retail sales.
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