Exxon Mobil to invest USD$300m in Mexico

"Recent energy reforms present a unique opportunity to help meet the growing demand for reliable fuel supplies and quality service in Mexico"
File photo/AP
17/05/2017
11:56
Reuters
Mexico
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Exxon Mobil Corp. said on Wednesday it plans to invest about USD$300 million over the coming decade to enter the Mexican fuels market, opening its first Mobil-branded station in the country later this year.

Exxon will sell its Synergy gasoline and diesel fuels and will direct investments to logistics, products and marketing, the company said.

"Recent energy reforms present a unique opportunity to help meet the growing demand for reliable fuel supplies and quality service in Mexico," Martin Proske, a company official, said in a statement.

Mexico's 2013 energy reform ended the monopoly that state-run oil company Mexican Petroleum (Pemex) once enjoyed in everything from crude production to retail sales.

The announcement comes despite U.S.-Mexican trade relations being under strain. U.S. President Donald Trump seeks to renegotiate the North American Free Trade Agreement (NAFTA) that has defined continental commerce for a generation and vows to build a border wall between the countries at Mexico's cost.

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