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NEWTON, Mass. -- Gulf Oil Ltd., based here, is looking to expand its gas brand to as many as 500 additional gas stations over the next three years, as national oil companies turn to refining and exploration for profits, the Boston Herald reported.
Gulf Oil currently provides gas to about 2,500 stations across the Northeast -- 1,900 under the Gulf brand name and the rest under other distribution agreements with companies including Exxon, according to the report.
Gulf, which is owned by the Haseoges family -- which also owns the Cumberland Farms convenience store chain -- has been expanding at the rate of about 100 stations a year, according to Joseph Petrowski, Gulf chief executive.
He told the newspaper that the pace will pick up as large oil companies, such as Exxon and Shell, increasingly focus on the drilling and refining sides of the petroleum industry, instead of the wholesale and retail sides.