• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 2 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 14 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 21 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 hours An Indian Opinion on What is Going on in China
  • 1 day Can Technology Keep Coal Plants Alive and Well?
  • 2 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 4 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 18 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 23 hours Storage of gas cylinders
  • 4 days Nord Stream - US/German consultations
Australia Is Making The Most Out Of The Coal Boom

Australia Is Making The Most Out Of The Coal Boom

The recent energy shortage in…

Russia's Energy Influence In Europe Is Growing

Russia's Energy Influence In Europe Is Growing

Russia’s energy influence in Europe…

Mexico Makes Strategic Move To Snag U.S. Refinery

Shell has struck a deal with its partner in the Deer Park refinery, Pemex, to sell the facility. The deal was instigated by Pemex, not Shell.

"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," Shell's Downstream Director, Huibert Vigeveno, said in a press release.

The $596-million deal for the Houston, Texas, facility will give Mexico's state-owned oil and gas company full control over the 340,000-bpd facility and, according to President Andres Manuel Lopez Obrador, help Mexico become self-sufficient in gasoline and diesel within the next two years.

"Today, we closed the operation to buy the Deer Park refinery in Houston, Texas owned by Shell. 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 in a tweet.

"In this way, we are going to stop buying fuel and gasoline abroad. Pemex is going to process all the crude oil it is going to convert into diesel into gasoline. We are going to be self-sufficient by 2023," the president added.

Shell, meanwhile, will retain control of a chemicals production facility at the site of the refinery.

At the same time, the supermajor is evaluating plans for another refinery, in Baton Rouge, Louisiana. The company had a suitor that offered $1.25 billion for the facility, but Shell rejected the bid. It was the second by that investor, American Clean Energy Refining, which earlier offered $1.75 billion for the refinery before Shell idled it last year.

"Despite an extensive marketing process, a viable buyer was not identified," a Shell spokesman said as quoted by Reuters. "Shell considers a wide range of qualifications and factors including a prospective buyer's ability and experience to operate complex manufacturing assets safely."

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News