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National security review stalls sale of Shell U.S. refinery to Mexican state oil firm

REUTERS

National security review stalls sale of Shell U.S. refinery to Mexican state oil firm

Erwin Seba: Publishing date: Nov 30, 2021

HOUSTON — A national security review has delayed the sale of Royal Dutch Shell’s controlling interest in a Texas refinery to Mexico’s national oil company Petroleos Mexicanos (Pemex), Shell said on Tuesday.

Shell in May disclosed a sale of its 50% interest in the 302,800 barrel-per-day (bpd) Deer Park, Texas, refinery outside Houston to partner Pemex for about $596 million.

The closing was expected as early as Wednesday.

Under the sale agreement announced in May, Shell will retain control of its the Deer Park facility’s chemical plant and the company will have only one refinery in the United States, the 230,611-bpd plant in Norco, Louisiana.

(By Erwin Seba; additional reporting by Alexandra Alper in Washington and Stefanie Eschenbacher in Mexico City; editing by David Evans)

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