New delay hits Royal Dutch Shell's sale of Texas refinery to Pemex
A sale of Royal Dutch Shell's controlling interest in a Texas refinery to Mexican state oil company Petroleos Mexicanos has been delayed until next year, two people familiar with the matter said on Thursday.
A review of the deal by U.S. Committee on Foreign Investment in the U.S. had been expected to wrap up this month. However, there have been additional delays, the people said. A person working on the deal for Pemex said there was not enough time left to reach an agreement this year.
Shell in May disclosed an agreement to sell its 50% interest in the 302,800-bpd Deer Park, Texas, refinery outside Houston to partner Pemex for about $596 MM. The closing was expected this month, officials have said.
Deer Park refinery employees have been told a closing "has been pushed back to the beginning of next year," one person who works at the Deer Park refinery said on condition of anonymity because the information is not public.
Pemex was not immediately available to comment. A spokesperson for Shell did not immediately reply on Thursday to a request for comment.
Comments