Pemex finalizes the purchase of the Deer Park refinery in the US.

Mexico City, Jan 20 (Latest) .- Petróleos Mexicanos (Pemex) announced this Thursday the total purchase of the Deer Park refinery located in Texas (USA) by acquiring the shareholding of Shell for almost 600 million dollars .

“The general director of Petróleos Mexicanos (Pemex), Octavio Romero Oropeza, accompanied by directors of Pemex and Shell Oil Company, reported that the total purchase of the Deer Park refinery, located in Houston, was successfully closed,” Pemex reported in a statement. a joint statement with the federal government.

The state oil company explained that “by acquiring 50.005% of Shell’s shareholding” it will be the “Mexican State that will have full ownership of this facility.”

In this way, and as of January 20, this refinery in US territory is “under the control of Pemex.”

At the conclusion of the operation and in the presence of engineer Romero Oropeza, the first session of the Deer Park Board of Directors was held.

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As planned, the acquisition was completed after it was reported on December 22 that the United States Foreign Investment Committee (Cfius) authorized the purchase-sale operation as it had not identified risks in matters of competition or national security for the United States, the bulletin added.

The financial transaction was concluded under the “agreed terms” and announced last May: the value of the operation for the refinery’s assets is 596 million dollars, equivalent to 50% of Shell’s participation in the debt of the society.

“In addition, the remaining debt was paid for the 596 million dollars that correspond to 50% of Pemex’s participation. The resources for the operation were covered by the National Infrastructure Fund (Fonadin),” the text pointed out.

DEER PARK AND PEMEX

In 1993, Pemex acquired 49.995% of the shares of the Deer Park refinery and began its partnership with Shell Oil Company.

The president of Mexico, Andrés Manuel López Obrador, reported that the negotiations to acquire Deer Park began in mid-2020, when the pandemic crisis that affected the oil sector began.

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On May 24, 2021, the agreement to purchase Deer Park shares from Shell was announced.