LyondellBasell announced its decision to cease operation of its Houston Refinery no later than December 31, 2023.
In the interim, 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.
The company revealed its intentions to sell the refinery back in September. By October, it had sought to sell the complex in the next two quarters.
“After thoroughly analysing 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,” said Ken Lane, interim CEO.
“While this was a difficult decision, our exit of the refining business advances the company’s decarbonisation goals, and the site’s prime location gives us more options for advancing our future strategic objectives, including circularity.”
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.