Mexicans protest gas hikes

ExxonMobil is usually heading to Mexico.

The oil giant announced Wednesday which the item will open its first Mobil station in central Mexico during the second half of 2017. The country decided to end its long-running oil monopoly in 2013, opening the door to foreign investors.

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Exxon (XOM) said the item plans to open up additional stations later inside year. The company also promised to invest $300 million in operations along with marketing across the next 10 years.

For 75 years, Mexico’s state-owned Petroleos Mexicanos, or Pemex, was the only game in town. With the industry in decline, President Enrique Peña Nieto approved constitutional reforms which might allow international companies to bring in much-needed capital.

Martin Proske, Exxon’s director of fuels in Mexico, attributed Mexico’s energy reforms to the company’s south-of-the-border endeavor.

In March, BP (BP) became the first foreign oil firm to open a branded station inside country since the reforms. The company also announced plans to open 1,500 stations across the country over the next all 5 years.

yet Mexico is usually a tricky place to be inside gasoline business.

Related: Mexico’s biggest fear right today is usually not Donald Trump, the item’s gas prices

Mexico’s government, which controls gas prices, raised them 20% overnight in January because of the falling value of the peso. The move sparked violent protests which left at least six dead along with 1,500 arrested. Hundreds of gas stations had to closed down for fear of looting.

Though Mexico’s oil production has dropped inside past decade, the country sits on key reserves. Mexico produced an average of 2.6 million barrels of petroleum per day in 2015, according to the Energy Information Administration.

— sy88pgw’s Patrick Gillespie contributed to This particular report.

sy88pgw (brand-new York) First published May 17, 2017: 7:23 PM ET


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