Saudi Aramco Eyeing Houston Refinery to Bolster its Share of U.S. Oil Market

The New York Times, September 14, 2016

Saudi Aramco has reportedly submitted a bid for LyondellBasell's 263,776 bpd Houston refinery. The Saudi Arabian state-owned oil giant is currently competing against 3 other suitors: Texas-based Valero Energy, and Canada's Suncor Energy and Cenovus Energy. Energy experts estimate the price for the refinery could be as much as $1.5 billion. 

Aramco has a keen interest in maintaining its downstream market share in the U.S.,” said Sadad I. al-Husseini, a former Saudi Aramco executive vice president. “The Lyondell refinery, because of its size and location will go a long way towards sustaining this strategy after the breakup of Motiva and the loss of the Convent and Norco refineries.” Lyondell's Houston refinery is one of the largest refineries in the United States, and is designed to process heavy-sulfur crude into gasoline, jet fuel, ultra-low sulfur diesel, aromatics, and many other products

Click here to read the full article from The New York Times.

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