LyondellBasell agrees to sell former refinery site in Houston
Key Highlights
- ➤LyondellBasell (LYB) agrees to sell former Houston Refinery site for $320.5 million
- ➤Valero Energy (VLO) assumes site operations, environmental liabilities, pensions and employee obligations
- ➤Transaction expected to close in fourth quarter of 2026, pending regulatory approvals
- ➤Sale advances LyondellBasell’s portfolio transformation and focus on strategic-fit assets
Expert Statements
Peter Vanacker, CEO of LyondellBasell
“This transaction reflects the disciplined approach we are taking to transform our portfolio and create long-term value”
Peter Vanacker, CEO of LyondellBasell
“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.”
Peter Vanacker, CEO of LyondellBasell
“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.”
HOUSTON and LONDON, Oct. 30, 2026 (GLOBE NEWSWIRE) -- LyondellBasell (NYSE: LYB) today announced it 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 (NYSE: VLO, "Valero"). The transaction represents another step in the company’s ongoing portfolio transformation, sharpening its focus on businesses and assets that offer the strongest strategic fit and long-term value creation potential while 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 realize 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.”
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