LyondellBasell agrees to sell its former Houston Refinery site and related assets to Valero Refining-Texas, L.P., a wholly owned subsidiary of Valero Energy Corporation (Valero). This milestone is a significant step in the company’s ongoing portfolio transformation, focusing on the strongest strategic fits and assets that hold long-term value potential. Additionally, the company is focusing on strengthening its ability to allocate capital in line with its company strategy.
“This transaction reflects the disciplined approach we are taking to transform our portfolio and create long-term value,” said LYB CEO Peter Vanacker. “It provides an opportunity to realise value from a non-core asset while positioning the site, its infrastructure and employees with an owner whose core business is refining. We are pleased that the agreement provides continued employment for the site’s workforce and look forward to working with Valero on an orderly transition.”
After refining operations stopped, LYB evaluated various options for the site and determined that the sale was the most compelling opportunity to advance the company’s strategic priorities. 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.
