MEXICO CITY, Mexico — Mexico will says it will buy Shell's 50% share in the jointly-owned Deer Park refinery near Houston.
President Andrés Manuel López Obrador said Monday that Mexico will pay about $600 million for the plant, which already processes a lot of Mexican crude.
It is part of López Obrador's central policy to build, acquire or renovate oil refineries, when most countries are trying to reduce their reliance on fossil fuels.
The Mexican president had complained recently that Deer Park had not yielded any benefits for Mexico under the current scheme. But he acknowledged it does process 340,000 barrels of crude per day.
