Repsol enters Mexico retail fuel market
Spanish oil major Repsol has launched its retail fuel operations in Mexico with a petrol station in Mexico City.
Located in Periférico Sur, the fuel station’s opening will be officially announced on March 12, reported El Financiero.
Attending the event is María Victoria Zingoni, Executive Managing Director Downstream Business of Repsol, who will disclose the oil company’s expansion plans in the country.
Repsol, thus, has joined foreign oil companies such as BP, Total, ExxonMobil, Shell, and Chevron to compete and put an end to state-owned oil firm Pemex’s monopoly in Mexico’s retail fuel market. In 2013, Mexican President Enrique Peña Nieto introduced reforms to liberalize the country’s energy industry.
Repsol has more than 4,700 service stations around the world, 3,500 of which are in Spain and the rest are in Portugal, Peru, Italy, according to El Economista.
Recently, it posted a net income of 2.1 billion euros, the oil company’s highest in six years, with earnings worth 1.8 billion euros coming from its downstream sector.
