U.S.-based Gulf Oil said it is entering Mexico’s gasoline retail market, becoming the first foreign company to do so under an energy overhaul that loosened more than seven decades of government monopoly in the sector.
The company will open its first four gas stations in Mexico in June and July and aims to operate at least 100 by the end of the year, said Sergio de la Vega, Gulf’s director for Mexico. In the next three years it hopes to reach 2,000.
De la Vega said Gulf has a target of 25 percent of the national market, which currently comprises more than 10,000 gas stations across Mexico.
The company intends “to give Mexicans a choice,” de la Vega said.
Until now all gas stations in the country have been franchises of state-owned oil company Petroleos Mexicanos, better known as Pemex.