Valero to buy former LyondellBasell refinery site in Houston
Valero to buy former LyondellBasell refinery site in Houston Oct 30 (Reuters) - Valero Energy VLO.N said on Friday its unit, Valero Refining-Texas, agreed to acquire the former Houston refinery site owned by a subsidiary of LyondellBasell Industries LYB.N for $320.5 million.
Valero said the deal would expand its US Gulf Coast refining footprint and add processing capacity, with the company planning to restart 165,000 barrels per day of light sweet crude processing capacity at the site by the end of 2027
The company said acquisition also provides Valero an opportunity to invest at a later date in high-complexity units capable of processing heavy sour crude
LyondellBasell Industries' Houston asset is an about 700-acre facility that operated as a petroleum refinery adjacent to Valero's Houston refinery on the Houston Ship Channel in Texas, the company said
The site previously housed LyondellBasell Industries 263,776-bpd Houston refinery, which the company permanently shut in February 2025
The closing of the transaction is expected to occur by the end of 2026
(Reporting by Anushree Mukherjee in Bengaluru)
((anushree.ashishMukherjee@thomsonreuters.com;))