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Purchase of Deer Park would close in January

The Mexican government expects Pemex’s purchase of Deer Park to be completed in January 2022, after it was expected to happen in late 2021.

On December 22, 2021, the Committee on Foreign Investment in the United States (CFIUS) authorized the acquisition by Pemex of the Deer Park refinery in Houston, Texas, for 596 million dollars.

As a result of the transaction, Pemex will acquire from Royal Dutch Shell Oil Company the 50% of the Deer Park refinery that it did not yet own and will pay $ 1.2 billion of the refinery’s debt.

The transactions are now expected to close in January 2022.

Deer Park

Since 1993, through PMI-NASA, a Pemex subsidiary, the latter company has had a 49.99% stake in a limited partnership with Shell Oil Company, which owns a refinery located in Deer Park, Texas.

The refinery has the capacity to process 340,000 barrels of crude per day.

On the other hand, in August 2021, the CEO of Pemex presented the “Gas Bienestar” program, which contributes, according to the Mexican government, to improving the economic well-being of low-income families by offering them higher quality LP gas at lower prices.

The goal of the program as of January 2022 is to reach 1.2 million households in Mexico City.

On another side, in December 2021, the Mexican government made a capital injection of 3.5 billion dollars in Pemex.

On December 23, 2021, Pemex completed a takeover bid and a liability management transaction, which reduced Pemex’s indebtedness and improved the maturity profile of its debt by extending its short- and medium-term debt.

In addition, Pemex issued a total of $ 6.8 billion of new amortization notes maturing in 2032 in transactions, of which $ 5.8 billion were issued in exchange for outstanding Pemex bonds.

 

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