LyondellBasell announced today that it’s selling its former Houston Refinery and related assets to Valero Refining-Texas, which is part of Valero Energy Corporation. The agreement is worth $320.5 million and seems to be part of LyondellBasell’s plan to focus more on areas that fit its long-term goals.
According to LyondellBasell’s CEO, Peter Vanacker, the sale shows how seriously the company is taking its efforts to reshape its business. He said that by selling this non-core asset, LyondellBasell can get more value and also make sure that the refinery and its employees are passed on to someone whose main business is refining.
A big part of the deal is that Valero will take over running the site, which includes handling environmental issues, pensions, and all the employee responsibilities. LyondellBasell also said they made sure the staff would keep their jobs, which was an important part of the agreement.
If everything goes as planned and the sale gets regulatory approval, the transaction should close in the fourth quarter of 2026. It looks like LyondellBasell is really focusing on changing up its portfolio and managing its resources, while also trying to make the transition smooth for everyone involved.