Royal Dutch Shell said Wednesday it would invest $1 billion in Mexico over the next decade, after the oil giant opened its first retail gas station in the country.

The investment in the world's fifth-biggest consumer of gasoline depends on market conditions continuing to develop at their current rates, said Shell executive Istvan Kapitany.

The money is earmarked for "expanding and improving the retail network, improving fuel logistics infrastructure and developing partnerships" with Mexican consumers, said Kapitany, Shell's Vice President of Retail.

Shell opened its first service station in the country on Tuesday, in the Mexico City suburb of Tlalnepantla.

Mexico reformed its energy sector in 2014, ending the monopoly of state company Pemex and allowing foreign retailers to operate in the country for the first time since 1938.

Source: AFP