RDSA Shell Plc

By Adriano Marchese

Royal Dutch Shell PLC said Monday that its subsidiary has reached an agreement to sell its interest in a joint venture with P.M.I. Norteamerica, S.A. De C.V. for $596 million.

Shell Oil Company will exit the 50-50 Deer Park Refining Ltd. Partnership JV and will transfer its interest to Petroleos Mexicanos, the parent company of P.M.I. Norteamerica, and JV partner.

"Shell didn't plan to market its interest in the Deer Park refinery; however, following an unsolicited offer from Pemex, we have reached an agreement to transfer our interest in the partnership to them," Shell Downstream Director Huibert Vigeveno said.

The $596 million consideration for the sale will be a combination of cash and debt, plus the value of the hydrocarbon inventory.

The transaction is expected to close in the fourth quarter of the year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 24, 2021 14:40 ET (18:40 GMT)

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