LyondellBasell sells former Houston refinery to Valero for $320.5M
LyondellBasell entered into an agreement to sell its former Houston Refinery site and related assets to Valero Refining-Texas, L.P., a subsidiary of Valero Energy Corporation, for $320.5 million. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
- When it happened
- Friday, Oct. 30, 2026
- Where
- Houston, Texas
- First reported by an outlet
- Oct 30, 2026 at 5:58 am
- Confirmed by
- 2 independent outlets
Taxes & money
| What | Amount | Who pays |
|---|---|---|
| sale price of former Houston Refinery site and related assets | $320.5 million[2] | Valero Refining-Texas, L.P. |
Who's involved
- Peter Vanacker · CEO of LyondellBasell[2]
The facts
- Valero will assume responsibility for ongoing site operations, environmental liabilities, pension costs and other employee-related obligations. [2][2]
- The transaction provides for continued employment of the refinery site's workforce. [2][2]
- LyondellBasell ceased refining operations at the Houston facility before evaluating options for the property. [2][2]
- The sale is part of LyondellBasell's broader portfolio restructuring strategy, which focuses on divesting non-core assets and directing capital toward businesses aligned with its long-term priorities. [2][2]
Who said what
- Peter Vanacker, CEO of LyondellBasell This transaction reflects the disciplined approach we are taking to transform our portfolio and create long-term value. It provides an opportunity to realize value from a non-core asset while positioning the site, its infrastructure and employees with an owner whose core business is refining.[2]
Sources
- News Not rated LyondellBasell agrees to sell former refinery site in Houston Macau Business · Oct 30, 2026
- News Not rated LyondellBasell Agrees to Sell Former Houston Refinery to Valero for $320.5 Million citybiz · Oct 30, 2026
Written by AI from the sources above, under fixed rules: every fact is cited, claims are kept apart from facts, and dollar figures appear only when a source states them. Mistakes get corrected in public.