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LyondellBasell Considering Sale of Houston Refinery

Reuters, August 26, 2016
Reuters

LyondellBasell is reportedly considering selling the company's 263,776 bpd refinery in Houston, according to Reuters. Lyondell has even sent an email to employees notifying them that the refinery is for sale, according to sources who have seen the email. The Houston facility is a significant Gulf Coast refinery that can run a wide variety of crude oils, from light Bakken to heavier grades out of Canada. 

Valero Energy Corp., Saudi Aramco, Cenovus Energy Inc., and Suncor Energy Inc. are reportedly among the companies that have expressed interest in the refinery. A sale could bring increased competition among Gulf Coast refiners as two of the potential bidders (Cenovus and Suncor) for the plant have no existing refining presence in the U.S. Gulf Coast.

A LyondellBasell spokeswoman said in an email Thursday: "We believe that in the longer term, the refinery may be more valuable as part of a larger refining system. We are exploring all options. However, no decisions have been made." She declined to elaborate.

 

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