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NEW YORK - Shell Oil Co. said today it will spend more than $500 million to rebrand thousands of gasoline stations it bought from ChevronTexaco Corp., Reuters reports. The investment will make Shell the most visible gasoline retailer in the U.S., according to Reuters.
About 90 percent of Shell's 13,000 Texaco-branded stations will be rebranded and upgraded, and 10 percent will be shut down, Shell spokesman Rick Wirth said.
The stations currently under the Texaco star will be "given a new look" that is similar to the Shell retail image in Europe -- complete with a yellow-on-red seashell symbol -- and many of the 9,000 current Shell stations in the U.S. will be revamped to match.
"This is one of the largest rebranding efforts ever undertaken in the U.S.," said Wirth. Shell hopes to complete the rebranding by 2004.
With the new stations, Shell will own more than 20,000 stations nationwide and roughly 15 percent of the nation's retail gasoline market. It will also hold its title as largest retail gasoline operator worldwide, with roughly 45,000 retail outlets, mostly in Europe, the company said.