BP First International Oil Company to Enter Mexico Retail Market
BP announced that it officially opened its first retail fuels site in Mexico on March 10, 2016, as part of its plan to invest in the growing Mexican retail fuel and convenience market over the next five years.
Opened in the Satélite area of Mexico City, the new BP retail site is the first global oil company branded site operating in Mexico, since the country approved deregulation of the fuel retailing market in 2013. BP has plans that could see it open around 1,500 retail sites in Mexico over the next five years, part of its strategic intention to grow its retail business globally.
Mexico is the sixth-largest consumer gasoline and diesel market globally and BP is the first international oil company to enter the market, following deregulation, which was previously only served by Petróleos Mexicanos (PEMEX), the Mexican state-owned petroleum company.
BP plans to open around 200 BP-branded retail sites in Mexico this year including both dealer and company owned-and-operated sites. BP has more than 18,000 service stations in 19 countries around the world. In December 2016, BP and Woolworths Group agreed to enter a strategic partnership where BP will acquire and operate 527 retail sites in Australia, subject to regulatory approvals.