• 9 minutes Chile Becomes The Latest Country To Commit To 100% Renewables
  • 12 minutes Does S Arabia Have 2 Mln Barrels in Spare Capacity?
  • 19 minutes Can US sue OPEC?
  • 9 hours Rally on Hold, if 69.5 don't break, 62.5 could be next.
  • 4 hours US disavows carbon tax
  • 1 day 67.50 was the low for now, $70 - $76+ back in play
  • 9 hours FBI Director: Russia Continues to Sow Discord In The U.S.
  • 8 hours Britain Has Identified Russians Suspected Of Skripal Nerve Attack?
  • 1 day Trudeau Shuffles Cabinet, Seeks To Reduce Reliance On U.S.
  • 10 hours Where 3 Million Electric Vehicle Batteries Will Go When They Retire?
  • 4 hours What's wrong with SA oil consumption?
  • 2 hours Rio Tinto Says $4-Million Goodbye to Coal
  • 1 day Daimler and BMW Will Beat Tesla in EV Race
  • 1 day Google, Hit With Record $5 billion EU Antitrust fine, To Appeal
  • 1 day Chartist predicting a $1 fall, after WTI drops $10
  • 10 hours Iran's President Warns Over U.S. Push For Countries To Stop Buying Oil From Iran
Alt Text

Why Is Venezuela Still Sending Subsidized Oil To Cuba?

As Venezuela’s economic crisis and…

Alt Text

Houston To Overtake Cushing As Key Hub

Strong growth in U.S. crude…

Alt Text

Oil Selloff Gives Trump More Room On Iran

The Trump administration appears to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

These Oil Giants Just Jumped Into A Brand New Market

Offshore

In a sign that Mexico’s energy reform continues to attract foreign companies, Chevron and Glencore have announced separate plans for jumping into the Mexican retail fuel market, joining other big international majors in competing in Mexico’s newly-liberalized energy sector.

U.S. supermajor Chevron said on Thursday that it would open its first Chevron-branded station in Mexico in the coming weeks, and would work with local partners in the importation, distribution, and commercialization of refined products in Mexico.

“We look forward to growing our presence further in the country,” Brant Fish, Chevron’s vice president of Americas Products, said.

Chevron plans for more stations to open in the Sonora, Sinaloa, Baja California, and Baja California Sur states.

Commodity-trading giant Glencore, for its part, has just opened the first station in Mexico under the G500 franchise, the result of a joint venture that Glencore announced in May this year.

The commodity trader expects to begin imports of fuel for the Mexican market via its own terminal in Tabasco in February next year, Reuters quoted Alex Beard, head of Glencore Oil, as saying at the opening of the first G500 station. 

Glencore and Chevron follow Exxon and BP on the growing list of international majors hoping to tap this retail market.  

In May this year, ExxonMobil announced plans to enter the Mexican fuels market in 2017 by opening its first Mobil service station in central Mexico during the second half, and additional stations will open later this year.

ExxonMobil plans to invest about US$300 million in fuels logistics, product inventories, and marketing over the next 10 years.

In March, BP opened its first retail fuels site in Mexico as part of a plan to invest in the growing Mexican retail fuel and convenience market over the next five years.

Related: Oil Rises, But Saudis Face Daunting Dilemma

Apart from retail price liberalization, the energy reforms in Mexico also opened up the country’s offshore oil and gas riches to international investment, ending 70 years of state monopoly.

Just last month, an alliance including foreign firms announced a “world class discovery”--estimated to hold more than 1 billion barrels of oil in place--in Mexico’s offshore area.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News