Shell to invest $1billion in Mexico to expand its business – Research Snipers

Shell to invest $1billion in Mexico to expand its business

Headquartered in Netherlands and incorporated in the UK, the Royal Dutch Shell announced on Wednesday, the company is going to invest $1billion in Mexico over the next decade; the decision comes after Shell has inaugurated its first retail gas filling station in the country.

In Mexico, the major gas stations are built by the state-owned oil company PEMEX which is a large company with revenues over $117.50billion in 2014. The company was recognized as the second largest oil company by market value in 2006.

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Mexico is known as the world’s 5th largest consumer of gasoline according to Shell executive Istvan Kapitany. Shell has allocated funds in order to expand and improve their retail network, improve their logistics infrastructure and to develop new partnerships with Mexican consumers said, Kapitany.

Shell already has the presence in more than 70 countries with 92000 employees worldwide, the company declared revenues of $233.6billion in 2016. Besides business the company also participate in social initiatives, Shell has started “Shell LiveWIRE” top ten innovators programme in which the company recognizes small entrepreneurs from various countries and reward them with prizes.