LyondellBasell agrees to sell former Houston refinery site to Valero
- LyondellBasell entered into an agreement to sell its former Houston Refinery site and related assets to Valero Refining‑Texas, L.P.
- The total purchase price for the transaction is $320.5 million.
- Valero will assume responsibility for ongoing site operations, environmental liabilities, pension costs and related employee obligations.
- The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
Deal terms
LyondellBasell has entered into an agreement to sell its former Houston Refinery site and related assets to Valero Refining‑Texas, L.P., a wholly owned subsidiary of Valero Energy Corporation, for a total purchase price of $320.5 million. Valero will assume responsibility for ongoing site operations, environmental liabilities, pension costs and related employee obligations.
Strategic rationale
Following the decision to cease refining operations, LyondellBasell evaluated a range of options for the site and determined that the sale offered the most compelling opportunity to advance the company’s strategic priorities. CEO Peter Vanacker said the transaction reflects the disciplined approach the company is taking to transform its portfolio and create long‑term value.
Workforce and transition
The agreement provides continued employment for the site’s workforce and positions the site, its infrastructure and employees with an owner whose core business is refining. LyondellBasell said it looks forward to working with Valero on an orderly transition.
Timing and conditions
The transaction is expected to close in the fourth quarter of 2026, subject to receipt of required regulatory approvals and other customary closing conditions.
Source: LYB