LyondellBasell to shutter Houston refinery
The move is part of the chemical maker's plans to exit the refining business.
Chemical maker LyondellBasell has announced that it will cease operation of its Houston refinery no later than Dec. 31, 2023.
In an April 21 news release, LyondellBasell officials said that the company will continue serving the fuels market, which is expected to remain strong in the near-term, and consider potential transactions and alternatives for the site.
LyondellBasell’s Houston refinery has a rated capacity to transform 268,000 barrels per day of crude oil into transportation fuels and other products including lubricants, chemical intermediates, and petroleum coke.
“After thoroughly analyzing our options, we have determined that exiting the refining business by the end of next year is the best strategic and financial path forward for the company,” Ken Lane, interim CEO of LyondellBasell, said in the release. “These decisions are never easy and we understand this has a very real impact on our refinery employees, their families, and the community. We are committed to supporting our people through this transition.”
Exiting the refining business advances LyondellBasell’s decarbonization goals, Lane said, and the site’s prime location gives the company more options for advancing its future strategic objectives, including circularity.