The takeover comes as Mexico President Andres Manuel Lopez Obrador seeks to increase state control of the country’s energy markets, boost Pemex’s reserves, and expand its refining capacity.
MEXICO CITY: Barclays, SMBC and Banorte are providing a US$500mil (RM2.1bil) bridge loan to Petroleos Mexicanos (Pemex) to help finance its takeover of Royal Dutch Shell Plc’s Deer Park refinery in Texas.
The commercial bank bridge loan will help cover the total purchase cost of US$1.6bil (RM6.7bil), a sum that includes refinery assets, inventories and debts, according to people familiar with the situation who asked to remain anonymous because the information isn’t public.
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