Exxon Mobil, world’s largest oil and gas company, sent two cargoes of diesel and gasoline Wednesday to the neighboring Mexico’s newly freed markets.
The company sent 120,000 barrel of diesel and gasoline from its refinery in Texas, the United States, to a private terminal in Mexico.
Last week, Mexico’s energy regulator announced the end of government-set fuel prices in the remaining central and southern regions where price caps were still being applied. After years of preparation, Mexico finished liberalizing prices for gasoline and diesel across the country.
Following the announcement. an increasing number of foreign firms plan to invest in ports terminals, fuel storage facilities and other logistics infrastructure in order to compete with state-owned Petroleos Mexicanos, the primary fuel vendor and distributor in Mexico.
Last week, Chevron said it will bring products from its California refining system to Mexico to supply its gas stations once the infrastructure becomes available.