Houston and London, Oct. 31, 2026 (GLOBE NEWSWIRE) — LyondellBasell (NYSE: LYB) announced today that it has entered into an agreement to sell its existing refinery site in Houston and related assets to Valero Refining-Texas, LP, a wholly owned subsidiary of Valero Energy Corporation (NYSE: VLO, “Valero”). This transaction is another step in the company’s ongoing portfolio restructuring, focusing on businesses and assets that align with its strategy and have the greatest long-term value potential, while enhancing its strategic capital allocation capabilities.
Peter Vanacker, CEO of LYB, said: “This transaction reflects the disciplined approach we take in transforming our portfolio and building long-term value. It allows us to leverage assets that are not part of our core business while transferring the site, infrastructure, and workforce to an owner whose primary business is oil refining. We are pleased that this agreement will help retain local employees and look forward to working with Valero to ensure a smooth transition.”
After deciding to cease oil refining operations, LYB evaluated various options for the area and found that selling was the best option to drive the company’s key strategic goals.
The total transaction value is US$320.5 million. Valero will be responsible for ongoing on-site operations, environmental obligations, pension expenses, and employee-related obligations. The transaction is expected to complete in the fourth quarter of 2026, subject to regulatory approvals and other conditions typical of a closing transaction.
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About LyondellBasell:
We are LyondellBasell (NYSE: LYB), a global leader in the chemical industry. We develop, manufacture, and market innovative products for a wide range of applications, from transportation and infrastructure to food safety, clean water, and healthcare.
We are a leader in polyolefins, oxygen-blended fuels, propylene oxide, and acetyl compounds. Our focus on safe and reliable operations, proprietary technologies, and robust business portfolio lay the foundation for our success. Through disciplined investments, we strengthen our core business while developing circular and low-carbon solutions that generate long-term profitability and value for our customers, investors, and other stakeholders.
Our commitment is to create inclusive workplaces around the world, empowering employees to work to their full potential while fostering sustainable everyday living. Learn more at www.lyb.com or follow @LyondellBasell on LinkedIn.
Caution Regarding Forward-Looking Statements:
The statements in this press release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based on assumptions that management believes to be reasonable at the time of preparation and are subject to significant risks and uncertainties. Actual results may differ significantly from those anticipated or any other expectations set forth in this press release, including but not limited to obtaining necessary regulatory approvals or the expiration of applicable waiting periods, compliance with transaction closing conditions, and our ability to complete the transaction described in this document within the specified timeframe. While these statements are made in good faith, LyondellBasell and management cannot guarantee the achievement of any anticipated future results.
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