• 2 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 3 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 3 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 3 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 3 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 3 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 3 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 3 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 3 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 4 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 4 days Venezuelan Output Drops To 28-Year Low In 2017
  • 4 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 4 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 4 days Kinder Morgan Delays Trans Mountain Launch Again
  • 4 days Shell Inks Another Solar Deal
  • 5 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 5 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 5 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 5 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 5 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 5 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 5 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 5 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 5 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 5 days Norway Grants Record 75 New Offshore Exploration Leases
  • 6 days China’s Growing Appetite For Renewables
  • 6 days Chevron To Resume Drilling In Kurdistan
  • 6 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 6 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 6 days Nigeria Among Worst Performers In Electricity Supply
  • 6 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 6 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 7 days Saudis To Award Nuclear Power Contracts In December
  • 7 days Shell Approves Its First North Sea Oil Project In Six Years
  • 7 days China Unlikely To Maintain Record Oil Product Exports
  • 7 days Australia Solar Power Additions Hit Record In 2017
  • 7 days Morocco Prepares $4.6B Gas Project Tender
  • 7 days Iranian Oil Tanker Sinks After Second Explosion
  • 9 days Russia To Discuss Possible Exit From OPEC Deal
  • 10 days Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On
Alt Text

The No.1 Challenge To The Oil Rally

Non-OPEC producers, led by U.S.…

Alt Text

Oil Traders Have Never Been This Bullish

Speculators have placed a record…

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

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


Leave a comment

Leave a comment




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