Mexico to recover investment in Texas refinery in 2-3 years
Mexico should recover its investment in the Deer Park oil refinery in Texas during the next two to three years, President Andres Manuel Lopez Obrador said.
This week Mexican state oil company Petroleos Mexicanos (Pemex) announced the purchase of the controlling stake in the 340,000-barrel-per-day refinery from its partner Royal Dutch Shell for some $596 million.
Pemex Chief Executive Officer Octavio Romero said during a news conference with the president that the transaction is an important step toward Mexico's self-sufficiency in fuels, so that it can stop importing gasoline by 2023.
Lopez Obrador, who has moved to strengthen state control over energy since taking office in late 2018, said Mexico would not have to take on new debt to pay for the refinery. (Reporting by Stefanie Eschenbacher Editing by Dave Graham)
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