Mexico’s state-owned oil company Pemex is taking over the Deer Park refinery near Houston, Texas. The company is buying the shares of just over 50 percent from its previous partner Shell for almost 600 million US dollars (491 million euros), Pemex announced yesterday.
USA – Due to a lack of investment in modern refinery technology, the oil producer Mexico has to import most of its gasoline needs. With the purchase of the Texas refinery, Mexico will be self-sufficient in gasoline and diesel production in 2023, said President Andres Manuel Lopez Obrador. Deer Park has a production capacity of 340,000 barrels (159 liters) of crude oil per day.
Pemex is heavily in debt. The purchase price will be paid by the Mexican government. If the acquisition is approved by US competition regulators, the transaction is expected to close in the final quarter of the year.