24th May 2021 21:20
Royal Dutch Shell PLC - Hague, Netherlands-based oil major - Says subsidiary Shell Oil Co has reached an agreement for the sale of its interest in Deer Park Refining Ltd, a 50-50 joint venture between Shell Oil and PMI Norteamerica SA De CV, which is a subsidiary of Petroleos Mexicanos. The consideration for this transaction is USD596 million which is a combination of cash and debt, plus the value of hydrocarbon inventory.
"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. 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," says Huibert Vigeveno, Shell's Downstream Director.
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By Greg Roxburgh; [email protected]
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