ExxonMobil to move on the Mexican retail fuel market with $300 million investment

The Financial Times has written that ExxonMobil, has become the latest company to dive into Mexico’s fuel market, announcing plans to invest $300m in 10 years and to open the first Mobil filling station in the second half of 2017, with others to follow before the end of the year.

ExxonMobil joins BP, which opened its first Mexican station in March, as the second foreign player into the filling station sector. Mexico has more than 11,400 service station franchises staffed by uniformed attendants..

ExxonMobil will franchise stations under the Mobil name, selling its Synergy petrol and diesel brand, and will kick off in the centre of the country.

The company sees the fuel market opening as an opportunity to plant a flag and boost sales of its fuels.

The $300m investment will be in fuels logistics, product inventories and marketing over the coming decade “to provide a reliable supply of quality products to the retail, wholesale, industrial and commercial sectors,” the company said in a statement.

Synergy fuels include ExxonMobil’s most advanced gasoline formula which the company says increases engine-cleaning power and boosts performance and fuel economy.Customers will be able to buy Mobil Synergy Extra, Mobil Synergy Supreme+ and Mobil Synergy Diesel.