MEXICO CITY (AP) — The U.S.-based Gulf Oil LP has announced that it is entering the Mexican gasoline retail market, becoming the first foreign company to do so after a landmark energy reform that loosened decades of government monopoly in the sector.
Sergio de la Vega is Gulf's director for Mexico. He says the company will open its first four gas stations in June and July and aims to operate at least 100 by the end of the year.
De la Vega said Friday that Gulf has a target of 25 percent of the national market, which is currently more than 10,000 gas stations across Mexico.
Until now all gas stations in the country have been franchises of state-owned oil company Petroleos Mexicanos, better known as Pemex.
Gulf's headquarters are in Framingham, Massachusetts.