Shell Deer Park, Texas, refinery sale delayed pending regulator's approval

FILE PHOTO: Shell launches REFHYNE hydrogen electrolysis plant in Wesseling

HOUSTON (Reuters) – The sale of Royal Dutch Shell's controlling interest in the joint-venture Deer Park, Texas, refinery to partner Petroleos Mexicanos (Pemex) has been delayed pending approval by the Committee on Foreign Investment in the United States (CFIUS), a company spokesperson said on Tuesday.

“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,” Shell spokesperson Curtis Smith said in an emailed statement.

Shell announced in May it would sell its 50.005% interest in the 302,800 barrel-per-day (bpd) refinery along the Houston Ship Channel to partner Pemex for $596 million. The sale was expected to close as early as Wednesday.

Sources familiar with the matter said on Tuesday only approval of the sale by CFIUS, a powerful federal interagency committee that reviews sales of assets with national security implication in the United States, was holding up the transfer of control of the refinery to Pemex.

Until Tuesday, sources familiar with the sale had said both Pemex and Shell expected to sale to close by Wednesday. Also, a top refinery manager told the Houston Chronicle last week the sale would be complete on Dec. 1.

Once the refinery sale is complete, Shell will retain control of its neighboring wholly-owned chemical plant and the company will have only one refinery in the United States, the 230,611-bpd plant in Norco, Louisiana.

(Reporting by Erwin Seba; editing by David Evans)

News Related

OTHER NEWS

Here's what you need to know about getting free at-home Covid tests with your health insurance

luza studios | E+ | Getty Images Private health insurers are rolling their procedures for people to get their at-home Covid tests at little to no charge. The Biden administration ... Read more »

The Netflix stock price is at its lowest in a year. Should I buy this dip?

Picture of a Netflix menu screen After Netflix (NASDAQ: NFLX) released its results last week, its share price plunged. It is now at levels not seen since mid-2020, when it ... Read more »

Tax season is here. Don't expect a refund for unemployment benefits

Getty Images Tax season is officially here. And those who collected unemployment benefits in 2021 may be in for an unwelcome surprise. While a federal tax break on jobless benefits ... Read more »

Altria (MO) Gears Up for Q4 Earnings: Key Factors to Note

Altria Group, Inc. MO is likely to witness a year-over-year rise in the top and the bottom line when it reports fourth-quarter 2021 earnings on Jan 27. The Zacks Consensus ... Read more »

Conglomerates Q4 Earnings Worth a Watch This Week: GE, DHR, MMM

Market sentiments have been shaky of late, with the S&P 500 declining 8.5% in the past month. The NYSE and NASDAQ also fell 3.3% and 15.3%, respectively, in the same ... Read more »

AbbVie's (ABBV) Skyrizi Gets FDA Nod for Psoriatic Arthritis

AbbVie, Inc. ABBV announced that the FDA approved a second indication for its inflammatory drug, Skyrizi (risankizumab), to treat patients with active psoriatic arthritis. – Zacks Please note that Skyrizi ... Read more »

Will W.R. Berkley (WRB) Retain Beat Streak in Q4 Earnings?

W.R. Berkley Corporation WRB is slated to report fourth-quarter 2021 earnings on Jan 27 before market open. The company delivered an earnings surprise in all the three reported quarters of ... Read more »

Will You Need a COVID-19 Vaccine Booster to Travel?

You don’t need vaccination against COVID-19 — better yet a vaccine booster — to simply cross the Golden Gate Bridge into San Francisco. But tourists and locals alike will soon ... Read more »

These Small-Business Pandemic Trends Are Here to Stay

When the pandemic hit, Carolina Sanchez-Hervas had to make some big changes to her small business. Limited by government restrictions, her company CSH Translations, which provides live interpretation for court ... Read more »

EV Roundup: Futuristic e-RV Concepts by WGO & THO Grab Eyeballs

As e-mobility is the future of transportation, auto companies are revving up efforts to transform their portfolio in accordance with the changing dynamics of the industry. Last week at the ... Read more »

Medtronic (MDT) Undertakes Investment to Advance STEM Education

Medtronic plc’s MDT Medtronic Foundation recently announced 13 new partnerships with prominent organizations in Minnesota, Northern California and Puerto Rico that support underrepresented and underserved K-12 students. These partnerships are ... Read more »

Vertex (VRTX) to Report Q4 Earnings: What's in the Cards?

We expect Vertex Pharmaceuticals Incorporated VRTX to surpass expectations when the company reports fourth-quarter and full-year 2021 results on Jan 26, after the market closes. – Zacks Vertex surpassed expectations ... Read more »

Will Supply-Chain Issues Hurt Textron's (TXT) Q4 Earnings?

Textron Inc. TXT is scheduled to report fourth-quarter 2021 results on Jan 27, 2022, before the market opens.   – Zacks Textron has a four-quarter earnings surprise of 27.89%, on ... Read more »

Saia Upgraded Ahead Of Earnings

 Saia Pulls Into A Buying Opportunity  Less-Than-Truckload freight carrier Saia (NASDAQ: SAIA) got an upgrade from Deutsche Bank a week ahead of earnings and we are not surprised. The company ... Read more »

Avnet (AVT) to Report Q2 Earnings: What's in the Offing?

Avnet AVT is slated to report second-quarter fiscal 2022 results on Jan 26. – Zacks The company’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the ... Read more »

Aker BP 2021 output just below full-year guidance

OSLO (Reuters) – Norwegian independent oil firm Aker BP produced 209,400 barrels of oil equivalent per day (boepd) last year, just below its full-year guidance, the company said on Monday. ... Read more »

How Investors Can Grab Better Returns for Oils and Energy Using the Zacks ESP Screener

Wall Street watches a company’s quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands ... Read more »

These Are the 10 Top Internet Services and Retailing Companies

Internet services and retailing mainly include companies that use the internet to sell their goods or services, or those who sell their products or services over the internet, such as ... Read more »

Here's Why "Trend" Investors Would Love Betting on HighPeak Energy, Inc. (HPK)

Most of us have heard the dictum “the trend is your friend.” And this is undeniably the key to success when it comes to short-term investing or trading. But it ... Read more »

Looking for a Fast-paced Momentum Stock at a Bargain? Consider Vallourec SA (VLOWY)

Momentum investing is essentially an exception to the idea of “buying low and selling high.” Investors following this style of investing are usually not interested in betting on cheap stocks ... Read more »

Should You Buy the Dip in Netflix?

Streaming giant Netflix (NFLX) remains among the top entertainment streaming platforms worldwide. However, its stock dipped nearly 21% in price last week after the company reported its fiscal fourth-quarter earnings ... Read more »

This 1 Oils and Energy Stock Could Beat Earnings: Why It Should Be on Your Radar

Wall Street watches a company’s quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands ... Read more »

Stellantis (STLA) Is Attractively Priced Despite Fast-paced Momentum

Momentum investors typically don’t time the market or “buy low and sell high.” In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, ... Read more »

How Investors Can Grab Better Returns for Medical Using the Zacks ESP Screener

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can’t control the latter, but they can focus on a company’s earnings results every quarter. ... Read more »

Here's How Investors Can Find Strong Finance Stocks with the Zacks ESP Screener

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can’t control the latter, but they can focus on a company’s earnings results every quarter. ... Read more »

After Releasing Their Q4 Earnings, is Alcoa a Buy?

Leading aluminum producer Alcoa (AA) beat consensus revenue and adjusted earnings estimates in its fiscal fourth quarter ended December 31, 2021. However, with major restructuring plans increasing AA’s expenses, will ... Read more »

How Investors Can Grab Better Returns for Consumer Discretionary Using the Zacks ESP Screener

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can’t control the latter, but they can focus on a company’s earnings results every quarter. ... Read more »

The 'Great Resignation' could be a good time for a career change. Here's what experts say to do

Hannah Kohr made a career change after quitting her job during the “Great Resignation.”Courtesy: Hannah Kohr Hannah Kohr started reassessing her career as a library assistant shortly after the Covid-19 ... Read more »

Aquind: Tory donor threatens legal action against Government and Penny Mordaunt

The major Tory donor behind a blocked £1.2 billion cross-Channel power cable project has threatened to take legal action against the Government and trade minister Penny Mordaunt. Alexander Temerko said ... Read more »

Is John Hancock Regional Bank A (FRBAX) a Strong Mutual Fund Pick Right Now?

Mutual Fund Equity Report fund seekers should consider taking a look at John Hancock Regional Bank A (FRBAX). FRBAX bears a Zacks Mutual Fund Rank of 2 (Buy), which is ... Read more »

Should You Buy the Breakout in Petrobras?

Brazil-based oil and gas conglomerate Petrobras (PBR) has been ramping up its production volumes and strategic investments to capitalize on the uptick in Brent prices and the prices of oil ... Read more »

Zacks Investment Ideas feature highlights: CBOE Global Markets Inc. and CME Group Inc.

For Immediate Release Chicago, IL – January 24, 2022 – Today, Zacks Investment Ideas feature highlights Features: CBOE Global Markets Inc. CBOE and CME Group Inc. CME. – Zacks Securities ... Read more »

3 Big Data Stocks That Will Rally More Than 50%, According to Wall Street

With enterprises relying increasingly on analytics and data-driven decision-making, the demand for big data should keep growing. Thus, big data stocks Datadog (DDOG), MongoDB (MDB), and Workiva (WK) could be ... Read more »

Best Momentum Stocks to Buy for January 24th

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, January 24th: – Zacks Danaos DAC: This leading international owner of containerships, chartering vessels ... Read more »

Is Peloton a Buy Under $30?

At-home fitness equipment maker Peloton (PTON) has been a Wall Street favorite during the pandemic, thanks to the heightened demand for its products and services the public health crisis fostered. ... Read more »

Is Fidelity Contrafund (FCNTX) a Strong Mutual Fund Pick Right Now?

If you’re looking for a Mutual Fund Equity Report fund category, then a potential option is Fidelity Contrafund (FCNTX). FCNTX holds a Zacks Mutual Fund Rank of 3 (Hold), which ... Read more »

Ex-Goldman CEO Lloyd Blankfein says 'crypto is happening' despite plunge in digital assets

Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs GroupMichael Nagle | Bloomberg | Getty Images Former Goldman Sachs CEO and Chairman Lloyd Blankfein said that his view of ... Read more »

Zacks.com featured highlights include: Crocs, United Natural Foods and Boot Barn

For Immediate Release Chicago, IL – January 24, 2022 – Stocks in this week’s article are Crocs CROX, United Natural Foods UNFI and Boot Barn BOOT. – Zacks 3 Best ... Read more »

Coronavirus Stimulus Check for Mothers: 500 Moms to Get $1,000 Per Month

It is now almost certain that there will be no new fresh stimulus checks. Other bad news for parents hoping to get additional money this year is that the child ... Read more »

Smiles.ai Raises $23 Million in Series A

Smiles.ai, a healthcare startup, has raised $23 million in Series A funding led by Alpha Wave Incubation (AWI), which is backed by DisruptAD, ADQ’s venture platform and managed by Falcon ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic