© Reuters. FILE PHOTO: A logo of Mexican state oil firm Pemex is pictured during a visit by Mexico’s president, Andres Manuel Lopez Obrador, at Cadereyta refinery, in Cadereyta, on the outskirts of Monterrey, Mexico August 27, 2020. REUTERS/Daniel Becerril/File Phot
(Reuters) – Royal Dutch Shell (LON:) said it would sell its interest in the Deer Park Refinery joint venture to partner Petroleos Mexicanos for about $596 million, the latest move by the European oil major to cut its global refining footprint.
Operated by Shell, the Deer Park complex in Texas includes a petrochemical complex and it also refines crude from Africa, South America and the United States. Shell said on Monday one of its units would continue to operate the chemicals facility adjacent to the refinery. (https://go.shell.com/2TebwgC)
The sale comes as Shell tries to shrink its refining and chemicals portfolio of 14 sites, as part of a broader shift by oil majors to reduce their hydrocarbon footprint.
In May, Shell had sold its 149,000 barrels per day Puget Sound refinery in Washington to U.S. refiner Hollyfrontier.
Mexican president Andres Manuel Lopez Obrador tweeted on Monday that with Pemex now controlling 100% shares in Deer Park, “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 added in his tweet.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.