President López Obrador said earlier in June that the Deer Park refinery has generated a profit of $400 million USD for Mexico. With the profits, he said it will be possible to finish paying the Shell oil company after buying their 50.1 percent share in January of this year.
“Do you know how much profit that refinery has had since it was bought? Four hundred million dollars. This year it will be paid,” he said during a press conference earlier this week.
AMLO stressed that the Texas-based refinery has already generated profits and highlighted the importance of strengthening state companies such as the Federal Electricity Commission (CFE) and Petróleos Mexicanos (Pemex).
On January 21, Pemex purchased Shell’s portion of the Deer Park refinery for $596 million USD.
President López Obrador said that despite the cost, thanks to the profits it has already generated, the investment was made with Mexico’s own savings and no debt to the country. He said the purchase of the Deer Park refinery contributes to strengthening the country’s energy infrastructure and expands the national fuel production capacity to reduce imports.
Deer Park joins the new Dos Bocas Refinery in Paraíso, Tabasco, and the six that are being rehabilitated in Cadereyta, Madero, Minatitlán, Salamanca, Tula and Salina Cruz, in addition to the coking plant in Tula, Hidalgo that will be completed in 2023. In addition, another coking plant is being planned for Salina Cruz, Oaxaca.
AMLO says the purchase, rehabilitation, and construction of new refineries will allow Pemex to meet the total Mexican demand for gasoline, diesel, jet fuel, and other oil products.