5:56 AM, 26th May 2021 Shell Oil Company s Deer Park refinery located in Houston, US. Shell plans to sell the Deer Park refinery interest to partner Pemex. (File Photo)
THE HAGUE, NETHERLANDS: Shell Oil Company, a subsidiary of Royal Dutch Shell Plc, has reached an agreement for the sale of its interest in Deer Park Refining Limited Partnership (Houston, US), a 50-50 joint venture between Shell Oil Company and P.M.I. Norteamerica, SA De CV (a subsidiary of Petroleos Mexicanos, or Pemex). The transaction will transfer Shell’s interest in the partnership, and therefore full ownership of the refinery, to Pemex. The transaction is expected to close in Q4 2021.
Shell to divest stake in US refinery to partner Pemex 25 May 2021 (Last Updated May 25th, 2021 09:38)
Royal Dutch Shell to sell its controlling stake in the Deer Park refinery to Mexico’s Pemex for $596m in cash and debt.
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Shell intends to reduce its global refining footprint. Credit: Robin Sommer / Unsplash.
Royal Dutch Shell has agreed to sell its stake in Deer Park refinery in the US to partner Petroleos Mexicanos (Pemex) in a deal worth $596m.
The deal consideration includes cash and debt and the value of hydrocarbon inventory.
Mexico’s national oil company Pemex, through its subsidiary PMI Norteamerica, currently owns a 49.995% stake in Refining Limited Partnership, which operates the refinery.
US: Shell to sell interest in Deer Park refinery to partner Pemex
24 May 2021
Royal Dutch Shell, has reached an agreement for the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between
Shell Oil Company and P.M.I. Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex). The transaction will transfer Shell’s interest in the partnership, and therefore full ownership of the refinery, to Pemex, subject to regulatory approvals. Shell did not plan to market its interest in the Deer Park refinery; however, following an unsolicited offer from Pemex, we have reached an agreement to transfer our interest in the partnership to them, said Huibert Vigeveno, Shell’s Downstream Director.
Shell stated that Pemex s bid was unsolicited.
A unit of Pemex will become the sole owner of a Houston-area refinery under a deal announced by Shell (NYSE: RDS.A) on Monday.
Shell Oil Co. has reached an agreement to sell its 50.005% interest in Deer Park Refining Limited Partnership to its joint venture partner P.M.I. Norteamerica, S.A. De C.V., Shell reported in a written statement emailed to Rigzone. The seller added that the $596 million transaction – a mix of cash and debt, plus the value of hydrocarbon inventory – awaits regulatory approvals. It noted the current estimated inventory value ranges from $250 million to $350 million.
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