- Glencore (OTCPK:GLCNF, OTCPK:GLNCY) is entering the fuel stations business in Mexico with a 15-year supply deal and a $200M investment in a joint venture with local owners, Bloomberg reports.
- Glencore is expected to supply 180K bbl/day of gasoline and diesel to 1,400 stations, ~10% of Mexico’s total, and plans to spend $200M over the next two years to create a new franchise brand in a joint venture a local alliance of stations, according to the report.
- BP said last week it would develop as many as 1,500 gasoline stations in the country through 2022.