Mexico's president criticizes Shell-Pemex joint venture in Texas refinery
Mexico's president on Thursday criticized the partnership between state oil company Pemex (PEMX.UL) and Royal Dutch Shell (RDSa.L)\n in a Texas refinery, saying it has not yielded any benefits for Mexico.
2 minute readA logo of Mexican state oil firm Pemex is pictured during a visit by Mexico's president, Andres Manuel Lopez Obrador, at Cadereyta refinery, in Cadereyta, on the outskirts of Monterrey, Mexico August 27, 2020. REUTERS/Daniel BecerrilMexico's president on Thursday criticized the partnership between state oil company Pemex (PEMX.UL) and Royal Dutch Shell
(RDSa.L)in a Texas refinery, saying it has not yielded any benefits for Mexico.President Andres Manuel Lopez Obrador, an energy nationalist who has sought to revive the fortunes of the deeply-indebted Pemex, 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.
"We are addressing this issue," Lopez Obrador said at his daily press conference when he was asked about the Deer Park refining joint venture in Texas, but did not elaborate on the matter."Since it was built, there have been no benefits for Mexico, barely the processing of Mexican crude," he said. headtopics.com
Pemex sells Maya heavy crude to Deer Park, which has a capacity to process up to 340,000 barrels per day (bpd) of oil, through a long-term supply contract.Pemex and Shell agreed in 2018 to extend the term of the Maya contract, halving the supply of more than 150,000 bpd and negotiating a fixed price starting in 2023, according to local media reports.
Shell declined to comment and Pemex did not immediately respond to a request for comment.Operated by Shell, Deer Park includes a petrochemical complex and also refines crude from Africa, South America and the United States. Part of the investment in the facility has gone to upgrade it and improve its flexibility for crude processing.
For years, Deer Park has been seen as the most profitable of Pemex's refineries. The state oil company has faced losses in its domestic refining business, made up of six plants in Mexico and a seventh under construction. Read more: Reuters Top News »
Are you supposed to be enjoying yourselves? Queen Elizabeth asks G7
Britain's Queen Elizabeth met U.S. President Joe Biden under the canopy of the world's largest indoor rainforest on Friday as she hosted a reception for leaders of the Group of Seven richest nations, who are holding a three-day summit.
Gym bag full of automatic rifles, gun ammunition found near Texas-Mexico border'Texas is stepping up to fill the gaps left open by the federal government to secure the border, apprehend dangerous criminals, and keep Texans safe,' Governor Greg Abbott said.
Forbes Global 2000: Volkswagen Dethrones Royal Dutch Shell As Europe’s Largest Public CompanyAutomotive manufacturer Volkswagen emerged from the Coronavirus pandemic as Europ e’s largest company on the Forbes Global 2000, supplanting battered oil giants like Royal Dutch Shell, which plunged in our ranking. Nice. Make an electric Crafter and sell it in the U.S. ok? Thanks. VW
How to Make Your Own Chocolate Dip (aka Magic Shell), Ice Cream's Most Magical ToppingIs Magic Shell, the ice cream topping that hardens into a chocolate candy shell, the world's greatest ice cream topping? I can't say for sure, but it's definitely the most fun. And it's easier to make at home than the ice cream you drizzle it on. Black Coffee
$100 million New Jersey deli: Ex-Trump tax lawyer owned shell company created by mystery investorsA mystery New Jersey deli company has investors who created a shell company later bought by a former tax lawyer for Donald Trump. 100,000 million for a deli! That must be one hell of a sandwich! Maybe we should check to see if they're running a pedophile ring out of the basement. Talk about an expensive menu..
VP Harris plans Guatemala, Mexico visits in JuneUS Vice President Kamala Harris said Wednesday she expects to visit Guatemala and Mexico next month to seek solutions to the migration crisis at the southern US border. She should have had her lazy ass at the border months ago. How bout the actual boarder Crickets… Expedia 😅😅 Mexico look ya self in Mexico 🃏👍👍