Deer Park is more expensive for Pemex; pays 1,489 million dollars

Mexican oil (Pemex) revealed that the consideration it paid to acquire control of the Deer Park Texas refinery amounted to 1,489 million dollars, an amount equivalent to 30,650 million pesos.

According to financial information from the oil company to which EL UNIVERSAL had access, the amount covered is almost 300 million dollars higher than what was estimated by the General Directorate of the State production company.

Octavio Romero Oropeza, director of Pemex, assured on January 20 through a statement that the transaction was closed under the terms agreed and announced in May 2021, and that the value of the operation for the refinery assets was 596 million dollars, equivalent to 50% of Shell’s participation in the company’s debt.

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Additionally, he explained, the remaining debt for 596 million dollars was settled, which corresponds to 50% of Pemex’s participation and the resources for the operation were covered by the National Infrastructure Fund (Fonadin).

Based on these estimates, the complex was going to cost the state oil company 1,192 million dollars, that is, 297 million dollars less than the amount reported now.

The update of the figures also shows that 896 million dollars were used to settle debt with third parties and another 171 million to settle debt with partners, including the Anglo-Dutch company Shell.

“The consideration transferred includes cash, as well as paying 100% of the debt with third parties that it had deerpark, releasing Shell from any obligation [pasivo] regarding these debts and debt with partners, consisting of paying the one that Deer Park had with Shell at the date of acquisition”, adds the official information that accounts for the financial operation.

The amount of liabilities that were paid to third parties and partners, for one thousand 68 million dollars, is also higher than the amount estimated Rosemary Oropeza on May 26, 2021, when he said the refinery’s debt was around $980 million.

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The oil company reported that Barclays, a financial services company based in London, was in charge of evaluating for Pemex the acquisition of the Texas refining complex.

In the breakdown of budget investment activity for 2022, Pemex was authorized 453 billion pesos, of which it exercised 97.5 billion as of March 31.

Of the total approved for this year, 45 billion pesos were channeled to the new Dos Bocas refinery and “22.7 billion pesos for the acquisition of Deer Park”, according to information from Pemex sent to the Mexican stock exchange.

In the last three years, as EL UNIVERSAL announced on May 16, Deer Park accumulated three years with losses, for 17 billion pesos, due to factors such as the winter storms of 2021 and the effects of the pandemic.

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