Glencore is reportedly making a move on Mexico's fuel-stations business

Courtney Goldsmith
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Glencore is said to be entering Mexico's fuel-stations business (Source: Getty)

Glencore will move into Mexico's fuel-stations business with a 15-year supply deal and a $200m (£164m) investment in a joint venture, according to reports.

Sources told Bloomberg the Switzerland-based commodity producer will supply 180,000 barrels per day of gasoline and diesel to 1,400 stations, which is nearly 10 per cent of the county's total.

It will also spend $200m over the next two years to create a new franchise brand in a joint venture agreement with G500 Grupo Gasolinero, an alliance of local stations. Glencore will also invest in terminals and storage. Grupo Gasolinero now sells its products under the brand of state-owned Petroleos Mexicanos (Pemex).

The venture will be the FTSE 100-listed firm's first significant move into the retail fuel sector, Bloomberg said.

Glencore declined to comment.

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