IN BRIEF: Shell offloads Deer Park stake to Pemex for USD596 million

Royal Dutch Shell PLC - London-headquartered oil major - Subsidiary Shell Oil Co completes sale of its interest in Deer Park Refining Ltd Partnership for USD596 million, in a combination of debt and cash.

Shell is offloading its stake to its partner in the 50-50 joint venture, PMI Norteamerica SA De CV, a subsidiary of Mexican state-owned petroleum company Petroleos Mexicanos.

"The agreement covers the sale of Shell's 50.005% interest in the partnership, and therefore transfers full ownership of the refinery to Pemex. Shell Chemical LP will continue to operate its 100% owned Deer Park Chemicals facility located adjacent to the site," the energy giant explains.

As part of its "Powering Progress" strategy, Shell plans to consolidate its refinery footprint to five core energy and chemicals parks.

Current stock price: 1,839.20 pence

12-month change: up 34%

By Paul McGowan; paulmcgowan@alliancenews.com

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