(Houston, June 7, 2021) –– Shell announced that it would be selling its stake in the refinery . . . But the move may turn out to be a costly one for Pemex, and @lopezobrador_ George Baker is a Houston-based analyst on Mexico’s energy industry, talks to the Texas Standard.
The Mexican, state-owned petroleum company, Pemex, surprised the energy industry by announcing it will take full control of the Deer Park refinery outside of Houston. Since 1993, the refinery has been operated as a 50-50 joint venture between Pemex and Shell Oil Company. But last month, Shell announced that it would be selling its stake in the refinery after receiving an “unsolicited offer” from Pemex. But the move may turn out to be a costly one for Pemex, and to the Andrés Manuel López Obrador administration.