AMLO thanks Joe Biden for authorizing Pemex’s purchase of the Deer Park refinery in Texas

AMLO says that Mexico is on the way to energy self-sufficiency.

Photo: Sáshenka Gutiérrez / EFE

The United States government authorized the purchase of Petróleos Mexicanos from the Deer Park Refinery, located in Houston, Texas, was announced by the President of Mexico, Andrés Manuel López Obrador, from the National Palace.

“There is very good news, the United States government has already authorized Pemex’s purchase of the Depp Park refinery in Houston Texas from the Shell company, it is a purchase made by the Mexican government of a refinery, it is something historical, and this It went through an authorization from the United States government and yesterday the authorization was approved and they will inform you and all Mexicans because it is very good news, “he said.

From his morning conference, the Mexican president thanked President Joe Biden and his government for authorizing this Pemex purchase.

Thank President Biden for their trust, the officials of the United States government agencies who participated in this authorization, thank Shell managers for maintaining the operation under the agreed terms and tell the people of Mexico that this means having more capacity to process crude oil, the raw material that is extracted from wells in our country, both land wells and wells. shallow waters ”, he commented.

The Mexican president assured that with this refinery, in addition to the existing ones and the one under construction, he will allow Mexico to have a refining and production capacity of more than 1 million barrels of oil.

“With this Refinery, with the new Dos Bocas Refinery, and also with the coker, we are increasing our refining capacity by around 700 thousand barrels per day. average of 10 billion pesos for the rehabilitation of the 6 existing refineries and maintenance is increasing due to the change of equipment, production is increasing and it is expected that next year, with the 6 refineries, we will have a production capacity of 1 million 200 thousand barrels, plus an additional 700“, he claimed.

The Tabasco president assured that Mexico is on the way to energy self-sufficiency that will keep fuel prices low.

We will now be in a position to process all our raw materials, Let’s hope that this can be accomplished by 2023, which will mean producing all our fuels in Mexico, it is a turnaround, an important change in terms of oil policy and it is very good news, “he said.

“Now we go to self-sufficiency, This will allow us, above all, to keep gasoline prices low., in diesel, in jet fuel and in other oil products because we have the capacity to process our raw material, that is the change in oil policy ”, he assured.

For his part, the Mexican Foreign Minister, Marcelo Ebrard, released the document where the authorization of the purchase and sale of the refinery is released and that it received the endorsement of the US Federal Trade Commission (FTC) and the Foreign Investment Committee (CFIUS).

“The Committee has determined that there is no national security concern that remains unresolved, therefore, according to what is provided in section 721 of the legal provisions referred to here, the review of this operation has been concluded, this means that it has The operation has been authorized after all the corresponding operation has been carried out, this is not communicated by the assistant secretary responsible for investment security under the Treasury Department, “said the foreign minister when reading part of the document.

The Director of Petróleos Mexicanos, Octavio Romero Oropeza, specified that the Deer Park refinery will allow fuels to be owned by the people of Mexico and it will be possible to comply with the energy self-sufficiency promoted by the López Obrador government.

“The terms of the operation have not changed with respect to the announcement of May 24, 2021, this means that the transaction value for the refinery’s assets remains $ 596 million, which is equal to 50% of the refinery’s debt which is Shell’s participation in the company, additionally at the instructions of the President of the Republic, the existing debt will be settled for the other 596 million corresponding to the 50% of Pemex’s participation, this means that the refinery had an equivalent debt at its value for about 1,200 million dollars and those that correspond to Shell and those that correspond to Pemex will be paid, in such a way that the refinery is added to the country’s assets, to Pemex’s assets, free of debt. , totally clean, and these resources of the operation will come from the National Infrastructure Fund, Fonadin, the Ministry of Finance to be clearer, “said the Director of Pemex.

Octavio Romero Oropeza specified that it was in September 2020 when the president of Mexico was informed of the possibility of acquiring the Deer Park refinery from Shell.

By October 2020, the initial offer was granted to Shell and in January 2021 a confidentiality agreement was signed with the company between Pemex and Shell.

In March 2020, a non-binding agreement was signed with the terms of the operation, including prices, and in May 2021 a definitive purchase-sale agreement was signed conditional on the approval of the United States government.

It was until this Tuesday, December 21, 2021, that the United States government granted authorization to purchase and sell the Deer Park refinery in Houston, Texas.

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