A transaction of 1,192 million dollars: Pemex buys the entirety of the Deer Park refinery in the US from Shell.

The state-owned Petróleos Mexicanos (Pemex) finalized this Thursday the purchase of the entire Deer Park refinery in Texas, through the acquisition of the 50% shareholding that was in the hands of Shell Oil Company.

“The Mexican state will have full ownership of this facility, which is, as of today, under the control of Pemex,” said the director of the state company, Octavio Romero.

Through the National Infrastructure Fund (Fonadin), Mexico disbursed 596 million dollars for the purchase of the refinery assets belonging to Shell, equivalent to 50,005% —while Pemex had the remaining percentage—, and the 596 million dollars additional funds were used to settle the debt of Petróleos Mexicanos.

In total, the transaction was 1,192 million dollars.

The operation, according to Oropeza, represents a strategic action by the Government of Mexico to achieve the energy sovereignty of the Latin American country and to cover the domestic fuel demand.

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According to government figures, the Deer Park refinery has a capacity of processing of 340,000 barrels per day of gasoline, diesel and jet fuel.