Pemex refinery deal may cost US$1bil more

In the limelight: An aerial view of the Royal Dutch Shell Plc’s Deer Park refinery in Texas. Pemex has requested about US$1.6bil (RM6.76bil) to acquire the Houston-area refinery. — Reuters

MEXICO CITY: Petroleos Mexicanos (Pemex) could end up spending about US$1.6bil (RM6.76bil) to take over Royal Dutch Shell Plc’s Deer Park refinery, more than twice the price announced in May, even as its finances are so dismal the government is injecting billions of dollars into the state oil producer.

Pemex, as the company is known, has requested about US$1.6bil (RM6.76bil) to acquire the Houston-area refinery, including a capitalisation from Mexico’s National Infrastructure Fund and a bridge loan from commercial banks, according to Pemex documents seen by Bloomberg.