LyondellBasell To Sell Former Houston Refinery To Valero For US$320.5 Mln

KUALA LUMPUR, Nov 2 (Bernama) -- LyondellBasell (LYB) has agreed to sell its former Houston Refinery site and related assets to a subsidiary of Valero Energy Corporation (Valero) for US$320.5 million as part of its ongoing portfolio transformation. (US$1 = RM4.05)

The buyer, Valero Refining-Texas LP, will take over responsibility for ongoing site operations, environmental liabilities, pension costs and related employee obligations.

“This transaction reflects the disciplined approach we are taking to transform our portfolio and create long-term value,” said LYB chief executive officer, Peter Vanacker in a statement.

He said the deal would allow the company to realise value from a non-core asset while placing the site and its employees with an owner whose core business is refining.

Vanacker added that the agreement provides continued employment for the site’s workforce.

Following the decision to cease refining operations at the site, LYBl evaluated a range of options and concluded that a sale offered the best opportunity to advance its strategic priorities.

The deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions.

-- BERNAMA