Mexico’s Pemex buys 100% stake in Texas refinery from partner Shell

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MEXICO CITY — Mexico’s President Andres Manuel Lopez Obrador said on Monday that Royal Dutch Shell Plc has finalized the sale of a 100% stake in the Deer Park refinery in Houston to its joint-venture partner, the Mexican state oil firm Pemex.

“Now Pemex will have 100% of the shares. The most important thing is that in 2023 we will be self-sufficient in gasoline and diesel. There will be no increases in fuel prices,” Lopez Obrador said on Twitter.

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Lopez Obrador, an energy nationalist who has sought to revive the fortunes of the deeply-indebted Pemex, has said that no profits have been repatriated to Pemex since the partnership with Shell was established in 1993 as they have all been re-invested. (Reporting by Dave Graham; Writing by Anthony Esposito)

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