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ExxonMobil will distribute and sell its own Mobil-branded fuels in Mexico this year, opening a series of service stations, the first of which is due to begin operations in the country's central region in H2.
The US company plans to invest around US$300mn in fuels logistics, product inventories and marketing over the next 10 years in Mexico, Exxon said in a press release on Wednesday.
Mexico's 2014 energy reform put an end to state oil firm Pemex's monopoly on fuel imports and retail. Last July, local conglomerate Femsa launched its own Oxxo Gas stations, which it had previously operated as Pemex franchises, and in March of this year BP opened its first gas station in Mexico and announced ambitious expansion plans.
Swiss trader Glencore will enter Mexico's gas station market with a 15-year supply deal and will invest US$200mn with local owners, according to a Bloomberg report in March, although the company refused to comment when contacted by BNamericas at the time.
Fuel prices are expected to drop as new players arrive, after a sharp rise at the beginning of this year.
"Recent energy reforms present a unique opportunity to help meet the growing demand for reliable fuel supplies and quality service in Mexico," said Martin Proske, Mexico fuels director for ExxonMobil fuels, lubricants and specialties marketing company.
Exxon will implement its so-called guaranteed fuels program in Mexico, which consists of periodic visits by the company's travelling laboratories to each Mobil-branded service station to analyze the quality of the fuel and ensure fuel dispensers are secure and operating correctly.
This will be welcomed by motorists in Mexico, where Pemex stations frequently sell incomplete liters.