US energy group Chevron and trading company Glencore plan to enter the recently-opened Mexican fuel market.
Chevron plans to import, distribute and sell refined oil products, in partnership with a local fuel distribution network whose name was not disclosed. The group will soon open its first service station in Hermosillo (northwest of Mexico) and will extend its network to the states of Sonora, Sinaloa, Baja California and Baja California Sur.
Glencore will start importing fuel through its own terminal in the southern state of Tabasco as of February 2018. Refined oil products will be distributed by G500, a joint-venture of Glencore and Corporacion G500, which already sells around 160,000 bbl/d of gasoline and diesel in central Mexico through Pemex-branded stations. Fuel will be ultimately sold through Corporacion G500's 1,400 service stations network in Mexico.
Mexico started opening its oil sector with the 2013 energy reform and liberalised its retail prices, inciting large refining and trading companies to distribute and sell imported fuels on the retail market. US refiners, such as Valero or Andeavor (former Tesoro), plan to enter the fuel market. In March 2017, BP opened its first retail fuel site in Mexico, in the Satélite area of Mexico City; the company targets opening around 1,500 retail sites in the country. ExxonMobil also plans to enter the retail market and to invest about US$300m in fuels logistics, product inventories and marketing in Mexico over the next ten years.
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