Purchase of the Deer Park refinery by Pemex. A view of 2023
Let today’s date be January 1, 2023. Pemex is celebrating the first day it operates the Deer Park refinery fully decoupled from Shell Oil Company, the former half-owner and operator. The extended handover period for training and institutional strengthening had passed.
The buyout, which had been closed two years earlier, was not easy. The bridging services deal was complicated, as the sale was not to another refiner, but to a Delaware-registered service company, PMI Services North America, Inc., an indirect subsidiary of Pemex. Shell sold its stake in the refinery and transferred employees with their 401 (k) accounts to the new company.