Mexico City - Exxon Mobil Corp recently announced plans to bring its Mobil-brand gas stations to Mexico, pumping $300 million USD in the coming decade as it seeks to gain a foothold in the country's retail fuel market.
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 last week.
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 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 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.
Mexican media reported that 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.
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.Read the full Reuters article at nasdaq.com.