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Coca-Cola bottler in Mexico eyes oil business

Arab Today, arab today

Arab Today, arab today Coca-Cola bottler in Mexico eyes oil business

Coca-Cola
Mexico City - AFP

Mexico's FEMSA, the biggest Coca-Cola bottler in the world, wants to seize on the country's opening of the energy sector by purchasing fuel service station franchises.
The soft drink firm announced Thursday that it plans to buy 227 franchises from state energy giant Pemex, which is losing its decades-old monopoly under an oil reform allowing private and foreign investment.
FEMSA has been present at those stations through its Oxxo convenience stores, but it was not allowed to sell fuel until the legislation was passed last year because the company includes foreign investors.
"In light of the recent legal changes as part of the energy reform in Mexico, FEMSA Comercio is no longer subject to this limitation and has decided to pursue a faster growth strategy in this business," the bottler said in a company results report.
FEMSA also "plans to rent, buy or open more stations in the future," it said.
The 227 Oxxo-Pemex stations generated $1 billion in sales of gasoline and related products in 2014.

 

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