Exxon Mobil Corp is joining Chevron Corp and other US refiners to supply the newly free Mexican fuel market.
Exxon on Wednesday sent two cargoes totaling 120,000 barrels of diesel and gasoline from a refinery in Beaumont, Texas, to a private terminal in San Luis Potosi, Mexico.
The company is moving cargoes along Kansas City Southern Railway Co’s network and plans to utilize the San Jose Iturbide terminal in Mexico’s Guanajuato state, which is being expanded, to bring in more supplies.
It aims to move product from its refineries along the Gulf Coast.
“Exxon Mobil is the first company to compete in the Mexican fuel market in an integrated form,” Carlos Rivas, general director of fuel for the company in Mexico, said on Wednesday.
After years of preparation, last week Mexico finished liberalizing prices for gasoline and diesel across the nation.
An increasing number of foreign firms plan to invest in port terminals, fuel storage facilities and other logistics infrastructure to compete with state-owned Petroleos Mexicanos, the country’s primary fuel vendor and distributor.
Mexico is aiming to boost its fuel inventory capacity to 30 days’ worth, in line with an international recommendation for 36, Mexican Secretary of Energy Minister Pedro Joaquin Coldwell said on Wednesday in Guanajuato, Mexico.
“US Gulf refineries have seen increasing utilization rates, they are cheaper and more efficient than they were previously and they have abundant supply for the Mexican market,” said Alejandra Leon, Latin America upstream director at IHS in Mexico City.
More private infrastructure projects would be ready in the next several years, making it easier for private companies to import fuel without going through Pemex, she added.
Exxon Mobil also indicated that it will open 50 service stations by the end of first quarter and invest more than US$300 million in Mexico’s energy sector.
Another cargo will arrive at San Luis Potosi with about 60,000 barrels of fuels, Rivas said.
Exxon could use Pemex pipelines or other facilities, and will also consider adding pipelines and more terminals than the two it has already announced, Rivas said.
Last week, Chevron said it would bring products from its California refining system to Mexico to supply its gas stations once the infrastructure becomes available.
Koch Supply and Trading Mexico is shipping diesel by tanker from the US to the port of Veracruz on Mexico’s East coast.
Kansas City Southern last month said that it was seeking an agreement with Pemex’s trading arm, PMI, to import US fuels via rail into its San Luis Potosi terminal. Pemex would then transport fuels via pipeline to supply the Mexico City area.
Imports accounted for almost 74 percent of Mexico’s gasoline and diesel sales in October as Pemex’s six refineries operated at their lowest volume in nearly 27 years due to unplanned stoppages, disruptions and maintenance.
DAMAGE REPORT: Global central banks are assessing war-driven inflation risks as the law of unintended consequences careens around the world, spiking oil prices Central banks from Washington to London and from Jakarta to Taipei are about to make their first assessments of economic damage after more than two weeks of conflict between the US and Iran. Decisions this week encompassing every member of the G7 and eight of the world’s 10 most-traded currency jurisdictions are likely to confirm to investors that the specter of a new inflation shock is already worrying enough to prompt heightened caution. The US Federal Reserve is widely expected to do exactly what everyone anticipated weeks ahead of its March 17-18 policy gathering: hold rates steady. The narrative surrounding that
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) share of the global foundry market rose to almost 70 percent last year amid booming demand for artificial intelligence (AI), market information advisory firm TrendForce Corp (集邦科技) said on Thursday. The contract chipmaker posted US$122.54 billion in revenue, up 36.1 percent from a year earlier, accounting for 69.9 percent of the global market, TrendForce said. Its share was up from 64.4 percent in 2024, it said. TSMC’s closest rival, Samsung Electronics, was a distant second, posting US$12.63 billion in sales, down 3.9 percent from a year earlier, for a 7.2 percent share of the global market. In the
At a massive shipyard in North Vancouver, Canadian workers grind metal beams for a powerful new icebreaker crucial to cementing the country’s presence in the increasingly contested arctic. Icebreakers are specialized, expensive vessels able to navigate in the frozen far north. And “this is the crown jewel,” said Eddie Schehr, vice president of production at the Seaspan shipyard. For Canadian Prime Minister Mark Carney, who heads to Norway next Friday to observe arctic defense drills involving troops from 14 NATO states, Canada’s extreme north has emerged as a strategic priority. “Canada is and forever will be an Arctic nation,” he said ahead of
Chinese entrepreneur Frank Gao used to spend long hours running his social media accounts but now outsources the chore to artificial intelligence (AI) agent tool OpenClaw, which is taking China by storm despite official warnings over cybersecurity. OpenClaw, created in November by an Austrian coder, differs from bots such as ChatGPT because it can execute real-life tasks such as sending e-mails, organizing files or even booking flight tickets. “Since January, I’ve spent hours on the lobster every day,” Gao said in an interview, referring to OpenClaw’s red crustacean mascot. “We’re family.” After downloading OpenClaw, users connect it to artificial intelligence models of their
RSS