¡Que Onda Magazine!

Houston's oldest bilingual publication

Shell to sell interest in Deer Park refinery to partner Pemex

“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 Vigevano, Shell’s Downstream Director. “Pemex has been our strong and active partner at the Deer Park Refinery for nearly 30 years, and we will continue to work with them in an integrated way, including through our on-site chemicals facility, which Shell will retain. Above all, we remain committed to the wellbeing of our employees and will work closely with Pemex to ensure the continued prioritization of safe operations. We’re proud of our 90-plus year history as an operator and neighbor at Deer Park and we will continue to play an active role in the community”.

The consideration for this transaction is $596 million which is a combination of cash and debt, plus the value of hydrocarbon inventory. This transaction allows Shell to further focus its refining footprint while also maintaining integration optionality and retaining value through its Chemicals and Trading activities.

The transaction is expected to close in Q4 2021.

Source: www.shell.com

Want to be in the know with
the latest Hispanic news?
Subscribe to our newsletter:

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

¡Que Onda Magazine! will use the information you provide on this form to be in touch with you and to provide updates and marketing.