The sale of Shell’s stake in the Deer Park refinery for $600mn to Petroleos Mexicanos (PEMEX) has been delayed. The Committee on Foreign Investment in the United States (CFIUS), which oversees the last stages to approve the transfer of the refinery to PEMEX, has not approved the transaction yet. The closing of the deal was expected by this Wednesday, but there is no specific closing date as of now, according to Reuters sources. Shell spokesperson Curtis Smith said, “While we were hopeful we could conclude the sale of the Deer Park refinery earlier in the CFIUS review process, we’re still targeting late 2021 as a closing date for the transfer of Shell’s interest in the refinery.”
Pemex’s dollar bonds were stable with its 4.25% 2025s trading at 99.071, yielding 4.57%. Shell’s dollar bonds were slightly up with its 5.5% 2040s up 1.48 to 138.103, yielding 2.82%
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