Petroprix eyes Latin American expansion
Published on: Sep 26, 2023
The low-cost Spanish retailer will expand into Portugal by the end of this year and plans to foray into Panama and Chile by 2024.
Spanish low-cost fuel retailer Petroprix has plans to expand into Portugal in the coming months and foray into Latin America during the next year.
After a successful 2022, where the chain doubled its sales and grew its fuel retail network, it is now poised to expand internationally. As reported by El País, the company will begin operations in Portugal by the end of this year and is eyeing establishing service stations in Chile and Panama by 2024.
"Portugal is the first step for our company to grow outside Spain. We do not rule out exporting our model to other European countries in a few years to continue growing internationally," explained Manuel Santiago, CEO of Petroprix, during last week’s presentation of the company's strategic plan.
Last year, Petroprix exceeded €700 million in turnover, a year marked by rising fuel prices in Spain, which accelerated in February following the Russian invasion of Ukraine. These record figures coincided with the company's tenth anniversary.
Petroprix currently owns Expansion, Technical and Administration departments in Portugal, managed from its Lisbon headquarters. Its goal is to reach 50 openings in that country by 2025. The company currently operates a fuel retail network of 140 stations across Spain.
