Total needs to make the most cuts to spending this year of all the super-majors to balance net leverage and keep its AA- rating, Fitch statistical ratings agency said in a report released Monday.

Total newest entrant in Mexico retail sector

MEXICO CITY, October 13, 2017 – Total has struck a deal with Mexican fuel retail group GasoRed to rebrand fuel stations, international media reported Thursday.

Under the deal, a network of around 250 stations in and around Mexico City will bear Total’s name, a transformation that will begin before the end of the year and continue through 2019. These fuel outlets will market Total-branded fuels, products and services.

 

“Strengthening our presence in Mexico, Latin America’s second-largest market for petroleum products, is in line with our strategy of enlarging our network in growth regions,” said Momar Nguer, Total’s president of marketing and services, in a company statement.

Total is among several multinationals that have moved into Mexico’s fuel retail sector in 2017, including BP, Chevron, ExxonMobil and Shell. Due to the country’s landmark energy reform, passed in 2014, the sector is now open to private participation.

The French company has been present in Mexico since 1982, mainly as a manufacturer and marketer of chemicals, additives, lubricants and other specialty products. In December 2016, Total entered the country’s upstream sector when it won three blocks in Round 1.4. The major now has four offshore E&P licences.

Established in 2004, GasoRed comprises about 30 fuel retail and distribution companies.

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