Shell Oil Company, a subsidiary of Royal Dutch Shell plc, has agreed to sell 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, a press release cited.
Huibert Vigeveno, Shell’s Downstream Director, stated “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.” he added.
This transaction allows Shell to focus its refining footprint even more, while keeping integration optionality and maintaining value through its Chemicals and Trading activities. The transaction is expected to close in Q4 2021.