On February 1993 PMI Norteamérica and Shell Oil incorporated a joint venture in Deer Park refinery in Houston, Texas (DPRLP), currently the sixth largest refinery in the United States, with a crude processing capacity of 340,000 daily barrels.
This joint venture allows to secure the placement of Mexican heavy crude oil, as well as to generate high-quality by-products required to meet the environmental norms applicable in Mexico's metropolitan areas. The refinery is located at a strategic point which allows to having an easy access to storage sites, as well as the supply of raw material and the distribution of refined products.
The goals of this alliance were:
• Place Maya crude oil in a refinery with a high conversion value• Ensure the supply of gasoline to the Mexican market• Transfer know-how and technologies to Pemex associated to heavy crude oil conversion projects• Contribute to optimize the National Refining System
As a result of the reestablishing of the diplomatic relations between Mexico and Spain in 1979, the Spanish government made an invitation to Pemex to invest in Spanish oil companies.
Ten years later, Repsol became the majority shareholder of Petronor, and therefore, in 1990 a strategic cooperation agreement was signed. As a consequence thereof, the exchange of titles representing Petronor's equity for Repsol's capital stock titles was agreed upon. The result: Mexico, through PMI Holding BV, became the holder of 4.8% of Repsol's capital stock.
From May to September 2011, PMI Holdings BV acquired almost 5% more of Repsol's capital stock.
Furthermore, on February 24th, 2012 Pemex's Board of Directors authorized the execution of a strategic alliance agreement with Repsol. With this, Pemex Group’s interest is over 9%.
In 2011 PMI Group, in an effort to assist Pemex in modernizing its oil fleet and securing the supply of oil products to Mexico, bought five oil tankers. Ocean Cygnet (Centenario), Ocean Chariot (Vicente Guerrero II), Ocean Crest (Miguel Hidalgo II), Alpine Emma (Mariano Abasolo), and Alpine Hallie (Ignacio Allende). PMI delivered these vessels under a financial leasing agreement with a 10-year buy option to Pemex Refinación. Likewise, on early 2012 PMI delivered the B/T Ocean Current (José María Morelos II).
Finally, in 2012 four more vessels have been delivered, identified as Centla, Jaguaroundi, Texistepec, and Raramuri under the same plan. With this, PMI Group has delivered ten oil tankers, which has allowed for the renovation of Pemex’s fleet to modern and last-generation vessels as regards efficiency and environmental protection.