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English Español Mexico’s Femsa to buy fuel stations located close to its Oxxo stores

Fomento Ecomomico Mexicano SA de CV, the world’s biggest independent Coca-Cola bottler and owner of the convenience store chain Oxxo, said it plans to buy more franchises of Pemex located close to its Oxxo stores so it will lease, purchase or open new stations in the future, Mexico’s news agency Notimex reported on February 27.



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The company provided the information in its quarterly report supplied to the Mexican stock exchange where it also said that since 1995 it provided services and assets for the operation of service stations through agreements with third parties who owned state oil company Pemex franchises under the commercial brand Oxxo Gas.

“As of December 31, 2014 there were 227 Oxxo Gas stations most of them located next to a convenience store, which generated 16,178 million pesos in income for the sales of gasoline and related products,” Femsa said according to Notimex.

In the report the company said that historically Mexican legislation would not allow Femsa Comercio to take part in fuel sales because of the participation of foreign institutional investors. However, recent legislative changes as part of a broad Mexican energy reform now make it possible for Femsa to pursue this strategy, the news agency reported.

 

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