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.

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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