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Mexico to buy Shell share of Texas refinery for $600 million

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Mexico to buy Shell share of Texas refinery for $600 million

MAY 24, 2021: MEXICO CITY — Mexico said Monday it will buy Shell’s 50% share in the jointly owned Deer Park refinery near Houston for about $600 million.

The move comes as part of President Andrés Manuel López Obrador’s central policy to build, acquire or renovate oil refineries, in an era when most countries are trying to reduce their reliance on fossil fuels.

“We are going to stop buying fuel abroad … we will become self sufficient by 2023,” said López Obrador, who is spending about $9 billion to build a similar-size new refinery in his home state of Tabasco.

In a statement, Shell wrote that “Shell Chemical LP will continue to operate its 100% owned Deer Park Chemicals facility located adjacent to the site.”

“Shell did not plan to market its interest in the Deer Park refinery,” said Huibert Vigeveno, Shell’s Downstream Director. “However, following an unsolicited offer from Pemex, we have reached an agreement to transfer our interest in the partnership to them.”

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