Oil giant ExxonMobil is about to invest USD 300 million, over the next 10 years, to establish a network of gas stations in Mexico.
The decision follows the reform of the energy sector, launched by the central government in 2013, which liberalized the same and allowed large groups and private companies, such as Exxonmobil, to play a greater role in the production and wholesale and retail sale of hydrocarbons.
According to Martin Proske, Development Manager and Director of the company's Fuel Department, the recent energy reform presents a unique opportunity in the Mexican market to fulfill the ever-increasing demand for fuel and offer a more competitive and quality service.
The inauguration of the first station is planned as early as the second quarter of 2017, (the exact location remains to be confirmed).
Exxonmobil's investment and expansion program also includes enhancing exploration and mining activities in the Gulf of Mexico Basin. In 2016, the company was awarded a contract to extract crude oil in the rich Cinturón Plegado Perdido area, together with Total.
ExxonMobil has had a presence in Mexico for about 130 years, but due to the nationalization of the Mexican oil industry and the creation of the state-owned Petróleos Mexicanos, (now known as Pemex), in the late 1930s, ExxonMobil was forced to remain on the sidelines of the market.
In addition to ExxonMobil and Total, other companies such as BP and Gulf have also been considering entering the fuel sales market.