Monday, May 23, 2022
News
NEWS HOME
»
PRN INDIA
Shell completes sale of interest in Deer Park refinery to partner Pemex
  SocialTwist Tell-a-Friend  
   

HOUSTON, Jan. 20, 2022 /PRNewswire/ -- Shell Oil Company, a subsidiary of Royal Dutch Shell plc, has completed the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell Oil Company and P.M.I.  Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex) for $596 million, a combination of cash and debt.

Shell Oil Company Logo. (PRNewsFoto/Shell Oil Company)

The agreement covers the sale of Shell's 50.005% interest in the partnership, and therefore transfers full ownership of the refinery to Pemex. Shell Chemical L.P. will continue to operate its 100% owned Deer Park Chemicals facility located adjacent to the site.

"The completion of this sale marks the start of a new chapter of our history in Deer Park as we've worked closely with Pemex over the past few months to ensure a safe and responsible handover of operations for the refinery," said Huibert Vigeveno, Shell's Downstream Director. "The team at Deer Park has been instrumental not only in preparing the asset for Pemex operations, but also in continuing a legacy of safety and performance that dates back 92 years. We look forward to remaining a neighbour in the Deer Park community and growing our chemicals business to best meet the needs of our customers while advancing our global energy and chemicals park strategy."

As part of its Powering Progress strategy, Shell plans to consolidate its refinery footprint to five core energy and chemicals parks. These locations will maximize the integration benefits of conventional fuels and chemicals production while also offering new low carbon fuels and performance chemicals. They also offer future potential hubs for sequestration.

Notes to editors

  • On May 24, 2021, Shell and Pemex announced that they had signed a sales agreement for Pemex to acquire Shell's 50.005% interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell and Pemex.
  • A further amount of $325 million was received for the value attributed to the hydrocarbon inventory at the time of closing. The final amount for the hydrocarbon inventory will depend on volume measurements and average market prices for the month of January, which is expected to range between $300 to $350 million.
  • Employees assigned to the refinery assets were offered employment by Pemex with effect upon closing in accordance with the transaction.
  • Shell has entered into certain product offtake and crude supply agreements with Pemex for Deer Park Refinery.
  • To mark this new chapter and highlight Shell's continued support for the Deer Park community, Shell has provided approximately $2 million in funding for projects benefitting the community.
  • Shell is one of America's leading energy companies with interests in 50 states employing more than 12,000 people. Shell's U.S. portfolio of operated companies and interests consists of oil, natural gas, petrochemicals, gasoline, lubricants, and other refined products along with renewables such as wind, solar, and mobility options like electric vehicle charging and hydrogen. In the U.S. Shell is also investing in an integrated power business that will provide electricity to millions of homes and businesses.

Cautionary note
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this announcement "Shell", "Shell Group" and "Group" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this announcement refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as "joint ventures" and "joint operations", respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as "associates". The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim", "ambition", "anticipate", "believe", "could", "estimate", "expect", "goals", "intend", "may", "objectives", "outlook", "plan", "probably", "project", "risks", "schedule", "seek", "should", "target", "will" and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell's Form 20-F for the year ended December 31, 2020 (available at www.shell.com/investors and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, January 20, 2022. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Logo - https://mma.prnewswire.com/media/449079/shell_oil_company_logo.jpg

More News by PR Newswire India

Control Print Limited posts highest ever Y-o-Y growth: Revenues up by 24.8%, PAT up 40.3%

Investopia Launches its Global Talks Starting from India

G SQUARE SIGNS DR. SHIVA RAJKUMAR AS THE BRAND AMBASSADOR FOR KARNATAKA

Pro Music Rights, Inc., one of the world's largest music licensing companies, announces licensing agreement with Tiktok

GitHub exec Maneesh Sharma joins LambdaTest as Chief Operating Officer

Trainocate: A Leading Learning & Development Service Provider can help advance IT careers

Crosscope and Farcast Biosciences join efforts to reshape the precision oncology landscape via AI-powered pathology

La Tim Group sponsors the National Squash Tournament at National Sports Club of India, Mumbai

Woolpert Selected by Pacific Community (SPC) for Topo-Bathy Lidar, Aerial Imagery in Vanuatu

HyperSense named in 2022 Gartner® Market Guide for Multipersona Data Science and Machine Learning Platforms

Rockwell Automation Honors Innovation and Transformational Solutions at Asia-Pacific PartnerNetwork(TM) Conference

Campari® Toasts to Official Partnership with 75th Festival de Cannes

Huawei Commits to Empowering a Low-Carbon APAC with Green Power Technology

Tech Start-Up BIZZO Launches GoMahabaleshwar Microsite to Empower Local Travel & Tourism Businesses

Huawei Debuts Digital Banking Solutions in TCF 2022

Tulip Partners with Stanley Black & Decker on Global Operations Platform

CGTN: China calls for unity among BRICS nations to boost security for all

Unilumin Attended ISE and Received Clients' Praise

PC Building Made Easy: GIGABYTE introduces AORUS Project Stealth Computer Assembly Kit

LunaJets Nearly Doubles Revenue but Sees Clouds Ahead

Karyopharm and Menarini Group Receive Positive CHMP Opinion for NEXPOVIO® (selinexor) for the Treatment of Patients with Refractory Multiple Myeloma

BingX Completes Audit Report with CertiK to Enhance User and Asset Security

There is Still One Way To Invest During Bear Market and Make Money: Delisted Stocks

Nike at 50: A Genealogy of Progress

FII Institute unveils new Inclusive ESG™ Framework and Scoring Methodology & announces strategic investment in leading green tech firm

Texas Cardiac Arrhythmia Institute at St. David's Medical Center to host international conference on complex cardiac arrhythmias

Qapitol QA rejigging test automation space with quality and speed

Tata Communications launches DIGO - integrated platform for converged and contextual conversations

GOLDIAM reports an exceptional FY2022 performance, surpasses PAT of INR 1bn

SEKISUI Specialty Chemicals Now Runs on Renewable Energy

Bitget KCGI 2022 Officially Begins alongside Extended Registration Deadline

Shanghai Electric Works with Partners to Ensure Progress of its International Projects

5th edition of Godrej Food Trends Report 2022 launched

Menarini Group and Radius Health, Inc. announce publication of elacestrant pivotal Phase 3 EMERALD clinical trial data in the Journal of Clinical Oncology

Ventura Securities further commits to its digital transformation agenda by appointing Arpan Sen as Chief Technology Officer

MDRT Celebrates Global Membership Reuniting In Person at 2022 Annual Meeting

Hindi story series 'Kahani Train' to reach over 1 lakh children in summer, 2022 A story a day for better literacy

Glenmark Pharmaceuticals receives sANDA approval for Abiraterone Acetate Tablets USP, 500 mg

BharatMove App by Hash, picking momentum and disrupting supply chain for SMR and Hawkers

Flyability releases the Elios 3, an indoor LiDAR drone for Industry 4.0

GFF and PAI Announce New Partnership to Strengthen Civil Society and Youth Engagement to Accelerate Progress in Women, Children and Adolescent Health

World's first underwater bar opens to mark the launch of Hendrick's Neptunia Gin

Global Data from IBM Shows Steady AI Adoption as Organizations Look to Address Skills Shortages, Automate Processes and Encourage Sustainable Operations

ViewSonic ColorPro VP3881a Wins the Coveted TIPA World Award 2022 for Best Video Monitor

Cultivated Meat Startup Evolved Meats Raises $2 Million in Seed Round, Led by Funders Maple Leaf Foods and Big Idea Ventures

HABANOS, S.A. PRESENTED COHIBA 55 ANIVERSARIO EDICIĂ“N LIMITADA WORLDWIDE

TRIO World Academy honoured with 'Institution of Happiness' award from QS I-GAUGE

Introducing Altrata, the Leader in Data Intelligence on the Wealthy and Influential

KISS to Become Knowledge, Logistical Hub of FIFA's 'Football For School' Initiative

Trina Storage and Power Electronics will jointly deploy over 1GWh of BESS projects by end of 2023

HAVAS HEALTH & YOU APPOINTS DAN RUBIN AS PRESIDENT OF HAVAS HEALTH +

Databricks Appoints Trâm Phi as Senior Vice President and General Counsel

Easy NFT Business Platform, SKY Play on New York Nasdaq Tower

CellCarta expands it proteomics portfolio with the acquisition of next-generation immuno-MRM assays from Precision Assays

Experience Parallel Search Capabilities on the HUAWEI Mate Xs 2 with Petal Search

JA Solar Achieves Seventh Consecutive "Top Performer" Rank in 2022 PVEL PV Module Reliability Scorecard

PolyU's Pioneering Technologies in AI, Materials Science and Biotechnology Awarded at TechConnect 2022 Innovation Awards

CredAvenue Achieves 2nd ISO Certification (ISO 22301:2019) for Business Continuity

Parmeshwar Group commissions a fully integrated Steel Plant

Kitchen Brains Accelerates Growth with Investment from Source Capital

Trina Solar receives Top Brand PV Awards by EUPD Research

Goodix Pushes Boundaries in IoT Innovations with Next-Generation Sensing & Connectivity Solutions

Triumph International India showcases its new collection of premium lingerie at its Annual Fashion Show

PREVEST DENPRO LIMITED REPORTS ROBUST FINANCIALS FOR FY22. 60% JUMP IN PAT AND 34.6% GROWTH IN REVENUE ON YOY

TAICCA is pleased to launch the Open call for immersive content creators.

HarperCollins Presents STARTUP COMPASS: How Iconic Entrepreneurs Got It Right By Ujwal Kalra, Shobhit Shubhankar, IIM Ahmedabad

Accops wins Future Security Leaders Award in Dubai for its secure Digital Workspace solution

CGTN: China reaffirms commitment to high-standard opening-up

Chandigarh University mechatronics engineering students successfully tests AI-Powered Driverless Car NOMAD

IIIT Hyderabad to Offer Master of Science in IT in 2 Modes - On Campus and Online - From August 2022

/DISREGARD RELEASE: D'art Designs Pvt Ltd/

Wingreens acquires Bengaluru based Postcard Snacks, strengthens brand portfolio

Media Alert: Computex Keynote with Supermicro CEO

Rail Cybersecurity Leader Cylus Appoints Sandeep Joshi to Advisory Board

Talview Wins HR Tech Award 2022

Panduit Launches RapidID(TM) Network Mapping System

Boring No More: Accountants, Auditors See Themselves as Creative, Curious and Adventurous, Study Shows

CJ 4DPLEX America appoints Samuel Real Senior Vice President of Sales and Operations, Latin America

The ICOA Fund is Officially Live

Strava Acquires Injury Prevention App, Recover Athletics

Agora Announces RTE2022 Virtual Conference

New survey finds 87% of patients with long-term health conditions face stigma; nurses feel they lack time and resources to provide adequate support

The INX Digital Company Names Renata Szkoda as Chief Financial Officer

Petal Maps brings the navigation experience to life with the all-new HUAWEI Mate Xs 2

Huawei Releases Flagship Foldable HUAWEI Mate Xs 2 and other products, elevating its synergy between software and hardware

MADworld to Partner with UCOLLEX and Animoca Brands Japan on NFTs for Bubble, Vampire in the Garden, and Great Pretender

Money View eyes INR 1500 Cr Revenue Run Rate by year end

Vertex 670W modules achieve excellent results in the PVEL reliability test, Trina Solar wins its eighth consecutive "Top Performer"

Sims Limited Named One of America's Most Responsible Companies by Newsweek

BitMEX launches Spot Exchange as it looks to expand product offering for retail users

Apis Growth Fund II Announces Investment in Leading B2B Payment Network DT One

A Resilient and Sustainable Energy Future - 15th Singapore International Energy Week

Beko's 'Hack the Normal Sustainability' hackathon highlights the power of creativity and collaboration

Foods and Inns Limited declares robust growth, Standalone Revenue up by 73% YoY

JA Solar releases n-type PV module DeepBlue 4.0 X

Lacework Integrates Kubernetes Features to Enhance Security Across Multi-Cloud Environments

Ingenico to enable the rollout of Alipay+ to millions of merchants and thousands of banks and acquirers with PPaaS, its cloud-based Payments Platform as a Service

TAFE ROPED IN D'ART TO DELIVER EICHER'S GLOBAL RETAIL IDENTITY

IIT Alumni Council invites startups to join the next generation banking platform under the MegaFund initiative

Indusface Enhances its Web Application & API Protection (WAAP) platform AppTrana with Industry's First Risk-Based Protection to APIs

Singapore Based Healthcare Company Receives Coveted WHO certification for its Vaccine Data Loggers

NMIMS Balwant Sheth School of Architecture & Centre of Interior-Environment and Design invite applicants for B. Arch, M. Arch, and B.A. (Hons) Interior-Environment Design

PMI ACHIEVES FEMALE REPRESENTATION TARGET: 40% OF WOMEN IN MANAGERIAL POSITIONS

Akash Combines Priyanka Chopra and the hit Netflix show "You" in his New Music Video

Paramount Pictures' "TOP GUN: MAVERICK" Soars into the Immersive 270-Degree Panoramic ScreenX Theaters.

ICANN Reports DNS Abuse is Trending Downward Globally

Fluid X Introduces Aqua Bags: The At Home Weight Training for All Fitness Levels

Kohler Brings Global Innovations and Immersive Experiences to Salone del Mobile

DevOps Institute Announces 'Upskilling IT 2022' Report

PVEL Reveals Top Performing Manufacturers in 2022 PV Module Reliability Scorecard

Deepgram Named One Of Inc. Magazine's Best Workplaces For Second Year in a Row

Lacework Named to the 2022 CNBC Disruptor 50 List

Coinshift Closes $15 Million Series A Led by Tiger Global, Sequoia Capital India, Alameda Ventures

e.GO Mobile Opens New Brand and Experience Store in Berlin

Andhra Pradesh CM performs First Concrete Pour for World's largest Integrated Renewable Energy Storage Project

WSJ Bestseller Global Talent Unleashed by Globalization Partners Founder and Executive Chair Now Available in Bookstores and Online

Big CIO Show to convene India's top-notch CIOs at Taj Lands End, Mumbai

InEight launches project controls solution to manage progressive project delivery models; pilot shows 10% reduction in design costs

Announcing LeanIX Connect Summit Americas 2022: Innovation for the Always-on Enterprise

TDK Ventures Nicolas Sauvage recognized in Top 20 of Global Corporate Venturing Powerlist 2022

Frost & Sullivan awards Microsoft with the Platform of the year for its IoT Solutions

Record-breaking interest in more sustainable IT products

Aditya Birla Group's Hindalco Ind. Ltd. and Manush Labs launch 'Cleantech Startup challenge 2022'

Adoption of Voice Technology Crucial to Bridge Digital Divide: IAMAI

Herzing University Announces InUni as International Markets Strategic Adviser

Royce Thomas joins as President and Chief Business Officer of CtrlS

Losant Earns Frost & Sullivan's 2022 Global Technology Innovation Leadership Award for Its Innovative and Customizable IoT Platform

Armis Launches 'Critical Infrastructure Protection Program' with Three Months of Complimentary Service to Support SHIELDS UP Initiative

BOGOTA'S LEONOR ESPINOSA NAMED THE WORLD'S BEST FEMALE CHEF 2022

Parineeti Chopra Teams Up with PADI to Create Ocean Change

DBS DIALS UP DIGITALISATION EFFORTS TO MEET BURGEONING DEMAND FOR SUPPLY CHAIN FINANCING ACROSS ASIA

ENROLMENTS SOAR FOR SP JAIN'S EXECUTIVE MBA PROGRAM AS PROFESSIONALS RETURN TO WORK

SUSE Transforms Cloud Native Security From Core to Cloud to Edge With Significant Advancements to NeuVector and Rancher

"Selective secularism is dangerous for the country," says Director Vivek Agnihotri during CMFF-2022 at Chandigarh University

MOĂ‹T HENNESSY LAUNCHES THE FIRST EDITION OF THE WORLD LIVING SOILS FORUM: MOBILIZE AND TAKE ACTION FOR THE LIVING SOILS

Skills for English™ Language Tests Now Approved by the Irish Government for Study Visa

THE GOLDEN TRAIL WORLD SERIES AIMS TO PUT TRAIL RUNNING ON TV!

FNZ makes investment in GIST to accelerate sustainable investing globally

Volocopter Collaborates with Microsoft on VoloIQ Aerospace Cloud Project

ABL AND ODIMMA THERAPEUTICS JOIN FORCES IN PERSONALIZED CANCER IMMUNOTHERAPY

New Research Reveals Best Investment Migration Options to Improve Climate Resilience

Parcos announces its first Parcos Select Store in association with Prestige The Man Store, Bengaluru

Oizom's breakthrough technology leads the way in monitoring air quality in 50 countries

The Institute of Professional Banking (IPB) in collaboration with The Smart Owl launches its first center in Bengaluru

YPO Names Dharsono Hartono the 2022 Global Impact Award Recipient

The INX Digital Company Reports First Quarter 2022 Updates and Business Earnings Release

SOHAR FREEZONE DRIVES GROWTH WITH NEW INCENTIVES FOR TENANTS

Magic EdTech achieves ISO 27001:2013 Certification

Lockton posts highest year-over-year growth in company history

Four the Win - GIGABYTE Wins Big at iF Design Award 2022

Nava Bharat Ventures - reports all-round record performance for Q4 & FY22

HarperCollins is proud to announce the release of Five Seats of Power: Leadership Insights from the Mahabharata by Raghu Ananthanarayanan

LifeOmic Applauded by Frost & Sullivan for Enabling More Cost-efficient, Targeted Holistic Precision Health with Its Interoperable Precision Health Solutions

SOFWAVE™ TECHNOLOGY WINS MAJOR BEAUTY AWARDS -- 2022 ADDING TO THE 2021 ELLE AWARD

Ribbon's Partner Program Receives 5-Star Rating in CRN® 2022 Partner Program Guide

Johnson Matthey publishes latest PGM Market Report, 2022

Broking Firm BP Wealth launches its B2C Retail offering 'Stoxbox,' India's first subscription-based retail brokerage app

HH Global launches industry-leading Sustainable Procurement Framework for strategic suppliers

New Report Estimates the Metaverse Could Contribute 2.8% to Global GDP in Its First Decade

THE LEELA PALACES, HOTELS AND RESORTS EMBARKS ON A JOURNEY OF HOLISTIC WELLBEING WITH 'AUJASYA BY THE LEELA'

Trina Solar keeps second spot for global module shipments in first quarter

The 21st century digital revolution of Vedic Worship: The Next Big Thing - Sadhana App

SPJIMR hosts its Annual Convocation for its participants

The most decisive platform for the Indian woodworking, furniture and mattress manufacturing industry is set to create new benchmarks

Registrations for NMIMS NPAT in full-swing. Check how to register and other details

HOPIUM proposes the appointment of French Cabinet Minister for Transport, Mr. Jean-Baptiste Djebbari, as a member of its Board of Directors

IIIT HYDERABAD ORGANISES WORKSHOP ON IoT AND oneM2M

NMIMS Shirpur campus commences admission for a 4-year degree program at School of Agricultural Sciences & Technology (SAST)

SVKM's NMIMS appoints Dr. Kaiwan Mehta as Dean of Balwant Sheth School of Architecture

Launch of one of the most awaited 'DroneNaksha' for Drone Survey and Mapping at DFI event 2022 - by PDRL

Microland Foundation Renovates and Modernizes the Out-Patient Department of Government Lawley Hospital, Coonoor

Rebel Foods deploying real-time cold chain monitoring system from TagBox

PureSoftware bags fintech award for financial technology in SBR Technology Excellence Awards

Hello India! Now's the Perfect Chance to Re-experience the Wonders of Indonesia

Global Times investigates: Nine out of 10 Chinese see friendly China-ASEAN ties

GSMA WARNS INTERNET VALUE CHAIN GROWTH TO STALL UNLESS MARKET IMBALANCES ADDRESSED

Adani to Acquire Holcim's Stake in Ambuja Cements and ACC Limited

Dhani launches its first ever Big Indian Savings Sale with Tejasswi Prakash and Bharti Singh!

CATL's all-scenario energy storage solutions shine at ees Europe 2022

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Committed to make agriculture economical...
People were amazed watching 'Nawab' ther...
AAP-Twenty20 alliance not to support any...
Karnataka Cong MLA feeds Dalit Swamiji, ...
J&K tunnel collapse: Spl committee forme...
Man posts reward for 'missing' wife, kil...
More...    
 
 Top Stories
Chinese-run ports worldwide exert p... 
Raising a toast to handmade fruit p... 
SC refuses to entertain plea for co... 
Amit Shah visits Pradhanmantri Sang... 
Nitish Rana shares optimistic tweet... 
Protinex launches a new TVC; highli... 
Rajya Sabha Secretariat returns to ... 
Dudus Online communicates deep-seat...