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Mexican service station operator Fullgas is looking to enter the Brazilian and Colombian markets, according to CEO Sebastián Figueroa.
Fullgas also plans to continue its expansion in Mexico, Guatemala and Honduras, and possibly enter African countries in the medium term, Mexican state news agency Notimex reported Figueroa as saying.
The expansion is a question of patience as Fullgas awaits the adequate market conditions to begin acquiring gas stations in the target countries, said Figueroa.
The executive added that the company has received offers to acquire installations in Colombia and held talks toward acquiring gas stations in Africa.
Fullgas began seeking opportunities in Central America in 2011 and the entry into that region was a mixture of "vision and luck," Figueroa said.
In 2012 the company opened its first gas stations in Guatemala, where it now operates 22 gas stations, and formed an alliance in 2014 with Chevron-Texaco.
The company sells 20Ml/month of gasoline at 60 stations in Mexico, compared with between 4-5Ml/month of gasoline in Central America.
Mexico's energy reform put an end to state oil firm Pemex's monopoly of fuel imports and retail sales. As a result, there are now 21 brands of gas stations in Mexico, all of which have entered this year. These include BP, Chevron, ExxonMobil, Glencore and OxxoGas.
Mexico is expecting to see US$4bn in fuel sector infrastructure investments in the coming years.