Shell to exit Mexico, sells fuel retail business to Iconn

Petro Seven and 7-Eleven owner to acquire the energy giant’s local mobility operations.

Energy giant Shell Mobility has announced its exit from the Mexican market, selling its fuel retail brand and operations in the country to Mexican conglomerate Iconn, the parent company of 7-Eleven and Petro Seven.

The move comes amid an increasingly challenging regulatory environment, according to El Economista. In early April, the Mexican government temporarily suspended fuel import permits for U.S.-based Valero Energy, and has since intensified efforts to combat illegal fuel trade.

The deal is still subject to regulatory approval, with the transaction expected to be finalized in the third quarter of 2025.

Shell Mobility’s portfolio in Mexico oficially started in 2017, with the opening of its first company-owned service station. Currently, it includes a mix of over 200 company-operated and franchised service stations, convenience stores, fleet management services under “Shell Solutions”. 

The company also operates a fuel supply business, along with a fuel import license, which would also transfer to Iconn upon completion of the deal.

The acquisition positions Iconn to significantly expand its footprint in Mexico’s fuel and convenience sector, absorbing one of the most recognized global energy brands in the process.