December 6, 2021 [Houston Chronicle] – Shell Oil Co.’s sale of its majority stake in the Deer Park refinery to Mexico’s national oil company has been delayed, the company said in a statement Tuesday.
Shell Oil Co., the U.S. subsidiary of Royal Dutch Shell, has owned the refinery for more than 90 years. But in May, it was announced that its partner, Petroleos Mexicanos, or Pemex, would buy Shell’s 50.5 percent ownership for $596 million in cash and debt.
Shell still hopes to complete the sale before the end of the year, the company said Tuesday. The two oil companies have operated the refinery as a joint venture for nearly 30 years.
The deal comes as Shell’s European parent seeks to reduce its fossil fuel holdings.
About 1,000 full-time workers at the refinery will be offered employment by Pemex, the companies said in May. Some 1,000 contractors who work at the refinery are not covered by the agreement and have no guarantee of keeping their jobs.
Click Here to Access a 7,000 Tank Terminal Database With a Pro Trial
7,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data