Did Pemex buy Shell Deer Park?
A Pemex subsidiary has completed a deal with former 50-50 joint venture partner Shell PLC subsidiary Shell Oil Co. to acquire full ownership of Shell Deer Park Refining LP’s 340,000-b/d refinery in Deer Park, Tex.
Who bought Pemex?
Shell Oil Company, a subsidiary of Royal Dutch Shell plc, has completed the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell Oil Company and P.M.I.
Why did Pemex buy Shell refinery?
The purchase comes as AMLO seeks to increase state control of the country’s energy markets, refine all of its own oil, and reverse more than a decade of production declines.
How many refineries does Pemex have?
six refineries
Yet between construction delays and continued lower refining rates at Pemex’s existing six refineries, buyers of Mexican crude and refiners who export to Mexico expect business to continue in the short and medium terms.
Is Pemex owned by the Mexican government?
Pemex (a portmanteau of Petróleos Mexicanos, which translates to Mexican Petroleum in English; Spanish pronunciation: [ˈpemeks]) is the Mexican state-owned petroleum company managed and operated by the Mexican government.
How much did Pemex pay for Shell?
$596 million
Shell Oil Co., the U.S. subsidiary of Royal Dutch Shell, had owned the refinery for more than 90 years. Now, Pemex — which owned half the company — bought Shell’s 50 percent ownership for $596 million in cash and debt.
Did Mexico sell Pemex?
Mexican President Andres Manuel Lopez Obrador told a regular news conference that the U.S. government had on Tuesday approved the purchase of the Deer Park refinery stake by state-run Pemex, calling it “very good news.”
Does Mexico have more oil than us?
Mexico has the seventeenth largest oil reserves in the world, and it is the fourth largest oil producer in the Western Hemisphere behind the United States, Canada and Venezuela.
Is Pemex still a monopoly?
Pemex, Mexico’s state-owned petroleum company, has enjoyed a monopoly on petroleum for the past 8 decades, but its last monopoly—retail gas—has now been broken.
Who owns Shell in Texas?
Texas-based ConocoPhillips bought Shell’s Permian Basin assets for $9.5 billion, its second major purchase in the oil-rich area over the last year. Sign up for The Brief, our daily newsletter that keeps readers up to speed on the most essential Texas news.
What happened in the Texas City Refinery explosion?
The Texas City Refinery explosion occurred on March 23, 2005, when a hydrocarbon vapor cloud was ignited and violently exploded at the ISOM isomerization process unit at BP ‘s Texas City refinery in Texas City, Texas, killing 15 workers, injuring 180 others and severely damaging the refinery.
What went wrong at Pemex’s domestic refining business?
Pemex’s (PEMX.UL) domestic refining operations have long racked up losses, and the 2019 internal assessment seen by Reuters found the state oil group had failed to take advantage of its nearly three-decade partnership with Royal Dutch Shell (RDSa.L) in the profitable Deer Park refinery in Texas.
Could Pemex use Deer Park refinery to process heavy crude?
In the future, some energy experts said, Pemex could also use the Deer Park refinery to process oil from other countries that also produce the kinds of heavy crude that Mexico does.
What caused the BP Oil Refinery explosion?
The CSB found that organizational and safety deficiencies at all organizational levels of BP contributed to the refinery explosion, such as cost cuts and spending cuts in the safety area, although a large part of the refinery infrastructure and process equipment were in poor condition.