Mexican state-owned energy company Pemex has closed its $596 million acquisition of a Shell subsidiary’s 50% stake in a Texas refinery that the two sides had previously operated as a joint venture.

Shell Oil initially agreed to sell its stake in the refinery located in the Houston, Texas suburb of Deer Park to Pemex in May 2021, saying at the time that it had no desire to sell its position until approached by its joint venture partner.

“Shell did not plan to market its interest in the Deer Park refinery; however, following an unsolicited offer from Pemex, we have reached an agreement to transfer our interest in the partnership to them," said Huibert Vigeveno, Shell's downstream director.