Glencore agrees JV accord on supplying fuel to Mexican stations

Dhaka,  Fri,  22 September 2017
Published : 18 May 2017, 21:52:15

Glencore agrees JV accord on supplying fuel to Mexican stations

LONDON, May 18 (Reuters): Mining and commodities trading group Glencore has secured a joint venture transport fuels supply deal in Mexico with the Corporacion G500 SAPI (G500) group of service station operators, it said on Thursday.

The move follows Mexico's abolition of state oil firm Pemex's decades-old monopoly on all oil production, refining and marketing, including retail markets.

"Our partnership with G500 expands our presence into downstream and retail businesses, a natural fit with our global supply capabilities," Alex Beard, head of Glencore Oil, said in a statement on Thursday.

Known as the G500 Network, the venture will provide fuel, branding and ancillary retail services to 1,400 fuel stations in Mexico, the company said.

Formed in 2014, G500 is an association of service station owners, established in response to the deregulation.

It has a nationwide presence with a strong focus in central Mexico and represents around 12 per cent of Mexico's service stations.

"This partnership is creating an innovative franchise that will improve competition, product quality and services for the Mexican consumer," Antonio Caballero Fernandez, G500 president, said in the statement.
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