Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
A U.S. court on Jan. 6 tossed out a request from two laundromat owners to block Mexican state oil company Petroleos Mexicanos (Pemex) from acquiring majority control of a Texas oil refinery.
Royal Dutch Shell in May agreed to sell Pemex its majority stake in the 302,800 bbl/d Deer Park refinery outside Houston. The deal with Pemex, its long-time partner in the plant, was said to be worth about $596 million.
RELATED:
Mexico Says US Approved Pemex Acquisition of Texas Refinery
U.S. District Court Judge Lee Rosenthal denied requests for a temporary restraining order and expedited discovery filed by two businessmen who argued the sale would increase U.S. energy prices.
Aaron Hagele and Andrew Sarcinella, owners of a Mt. Vernon, N.Y., coin-operated laundromat who filed the lawsuit, claimed the sale would raise U.S. gasoline prices, harm their customers and reduce their profits.
Their laundromat business would suffer “an incalculable but evident” harm if more of the refinery’s fuel output is exported, according to a filing in U.S. District Court for Southern District of Texas.
A Shell spokesman said the oil major was pleased the court recognized there was no legal basis to pause the transaction. Pemex and Shell “are looking forward to closing as soon as possible.”
Neither Pemex nor a lawyer for Hagele and Sarcinella could immediately be reached for further comment.
Recommended Reading
Beach Town Corpus Christi Grows into America’s Top Energy Port
2024-01-16 - The Port of Corpus Christi is the U.S.’ largest energy export gateway and in terms of total revenue tonnage as increased midstream investments have opened export markets for the prolific Permian Basin.
Wood Wins Trion Topsides Engineering Work
2024-01-08 - Detailed engineering design for Woodside’s Trion project in Mexico’s Gulf of Mexico will be handled out of Houston and Bogota by Wood.
ONGC’s M Field Starts Production in Bay of Bengal
2024-01-09 - ONGC’s M Field represents the second phase of the larger 98/2 Block development project which is expected to reach peak production of 45,000 bbl/d and 10 MMcm/d.
Range Resources Expecting Production Increase in 4Q Production Results
2024-02-08 - Range Resources reports settlement gains from 2020 North Louisiana asset sale.
To Dawson: EOG, SM Energy, More Aim to Push Midland Heat Map North
2024-02-22 - SM Energy joined Birch Operations, EOG Resources and Callon Petroleum in applying the newest D&C intel to areas north of Midland and Martin counties.