Shell to sell interest in Deer Park refinery to Pemex
https://www.houstonchronicle.com/business/energy/article/Shell-to-sell-interest-in-Deer-Park-refinery-to-16199697.phpMay 25, 2021
Shell Oil Co. will sell its majority stake in the Deer Park refinery to Mexico’s national oil company after nearly a century of ownership as its European parent seeks to trim its fossil fuel holdings.
Shell Oil Co., the U.S. subsidiary of Royal Dutch Shell, has owned the refinery for more than 90 years. Its partner, Petroleos Mexicanos, or Pemex, will buy Shells 50.5 percent ownership for $596 million in cash and debt, the companies said Monday. The two oil companies have operated the refinery as a joint venture for nearly 30 years.
The staff of around 1,000 full-time workers will be offered employment by Pemex, the companies said. The approximately 1,000 contractors who work at the refinery are not covered by the agreement and have no guarantee of keeping their jobs....
