Mexico tops BP retail growth plans in coming years
NEW YORK (Reuters) - BP is expanding its retail presence with plans to open 3,000 branded retail stations globally in the next five years, half in Mexico, as that market becomes increasingly open to international business.
The company already has over 100 retail outlets in Mexico, many operated by distributors that previously worked for Mexico’s state-owned oil company Pemex.
Energy reforms ended Pemex's nearly 80-year monopoly several years ago and opened Mexico's gasoline stations to international investment from the likes of Exxon Mobil Corp, Valero Energy Corp and Andeavor. Trading firm Glencore announced plans last year to start importing fuel for Mexico's domestic market.
"We are looking at all different kinds of operations there," Rick Altizer, BP senior vice president of sales and marketing said on Wednesday. He said they are open to waterfront terminals, rail operations or other logistical assets to supply its stations.
BP is also in the process of opening 10 stores in the U.S. Northeast under the Amoco brand, which it had previously retired. The Amoco label allows BP to expand in areas already saturated with BP stations, and appeals to customer nostalgia for the older label, Altizer said, speaking at an Amoco station in Pelham, New York. The label will also be used in other parts of the country.
The company expects global demand growth of 2.4 percent this year and 1.7 percent in 2019 even as automotive efficiency improves, he said.
(Reporting By Jessica Resnick-Ault; Editing by Susan Thomas)
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