Mexico’s Pemex buys 100% stake in Shell refinery, Houston, Texas

MEXICO CITY, May 24 (Reuters) – Mexico’s President Andres Manuel Lopez Obrador said on Monday that Royal Dutch Shell Plc has finalized the sale of a 100% stake in the Deer Park refinery in Houston to its joint-venture partner, the Mexican state oil firm Pemex.

“Now Pemex will have 100% of the shares. The most important thing is that in 2023 we will be self-sufficient in gasoline and diesel. There will be no increases in fuel prices,” Lopez Obrador said on Twitter.

Lopez Obrador, an energy nationalist who has sought to revive the fortunes of the deeply-indebted Pemex, has said that no profits have been repatriated to Pemex since the partnership with Shell was established in 1993 as they have all been re-invested. (Reporting by Dave Graham; Writing by Anthony Esposito)

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s