The US company will sell its own-branded fuels in Mexico, investing US$300mn in logistics and opening gas stations.
Opposition politicians called for snap elections on Thursday while protesters marched in major cities amid revelations that President Michel Temer was recorded discussing bribes to silence jailed former lower house speaker Eduardo Cunha.
Although his deposition was originally scheduled to take place on May 18, Marcelo Odebrecht has already given his testimony to Brazilian authorities, according to the Mexican attorney general's office.
President Michel Temer was supposedly recorded discussing bribes for a politician arrested in the Lava Jato anti-corruption investigation.
The privatizations would allow distributors to raise investments and expand their respective pipeline networks as states grapple with a prolonged fiscal crisis.
New report by the Inter-American Dialogue think tank cites pro-business measures by Brazilian President Michel Temer and his Argentine counterpart, Mauricio Macri.
Latin American sovereigns have relatively weak scores on global governance indicators related to corruption, and these scores have deteriorated over the past 10 years, said Moody's in a report.
Companies operating in the sugar cane-to-energy sector say biomass must emerge from the doldrums and participate in supply auctions, Zilmar de Souza of local sugar, ethanol and biomass trade association Unica tells BNamericas.