LyondellBasell agreed to sell the subsidiary that owns its former Houston refinery site and related assets to a Valero Energy subsidiary for $320.5 million. The company also announced third-quarter results for the period ended Sept. 30 and released a supplemental discussion of its business segments.
- Houston site sale: The buyer is a subsidiary of Valero Energy. The sale covers Houston Refining, L.P., which owns the former refinery site and related assets.
- Timing and conditions: LyondellBasell expects the transaction to close in the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions.
- Refinery shutdown: The sale follows LyondellBasell’s shutdown of refining operations at the Houston site in February 2025.
- Third-quarter results: The company said it released third-quarter earnings results and a segment discussion on Oct. 30. The materials provided here do not include the financial figures or segment details.
The sale would transfer ownership of the former refinery site and related assets to Valero’s subsidiary. The announcement does not specify how LyondellBasell plans to use the proceeds.