Deer Park: Started Salinas concluded AMLO

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Hector Moctezuma de Leon.

In this Friday's morning conference, President Andrés Manuel López Obrador did not hide the joy caused by the conclusion of the purchase, by Petróleos Mexicanos, of the octogenarian -1929-2022- Deer Park refinery, until this week, property of the US oil company Shell.

A curious case in Mexican politics because the purchase of the industrial complex located in Houston, Texas, began in the six-year term of Carlos Salinas de Gortari, when Pemex acquired 49.9 percent of the shares of that refinery and concluded in the administration of its staunch enemy, Andrés Manuel López Obrador.

Yesterday in the National Palace the purchase of the refinery was celebrated as a great achievement of the 4T government, but that remains to be seen. The plant that processes the heavy crude that in Mexico we know as Maya, did not represent any economic advantage, nor did it reduce the costs of the gasoline that Deer Park sold to Pemex in these 30 years in which the Mexican oil company owned only half of actions. Moreover, Shell sold refined products produced at that plant to Mexico at international market prices.

Nor did Petróleos Mexicanos obtain dividends in those three decades, because the North American oil company always argued that profits had to be reinvested. And of course, you don't need to be an expert in the oil industry to know that a plant with so many years of life requires permanent maintenance, which is becoming more and more expensive.

I do not believe that the acquisition of 100 percent of the shares of Deer Park is a great financial success of the current government. Neither in the cheerful accounts about the production of 100 thousand barrels of gasoline, 95 thousand of diesel and 25 thousand of jet fuel, nor that it was a large purchase, much less that the town has a new refinery.


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