PEMEX TO ACQUIRE INTEREST IN SHELL TEXAS REFINERY

Petroleos Mexicanos and Shell Oil Co. have signed a memorandum of understanding to form a joint refining venture involving Shell's 225,000 b/d Deer Park, Tex., refinery. Under the agreement, Mexico's state owned oil company is to purchase a 50% interest in the refinery, and Shell is to sell Pemex unleaded gasoline on a long term basis. Financial and other details of the agreement are not disclosed. Detailed agreements and government filings needed to form the venture are expected to be

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