Exiting Refining Business Lyondell Basell to Shut Down Houston Refinery in the USA
Lyondell Basell will be ceasing operations at its Houston Refinery as it plans to exit its refining business by 2023. The move is in line with the company’s decarbonization strategy and will help the firm to use the site for its future sustainable goals.
Houston/USA – Lyondell Basell has recently 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.
"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," said Ken Lane, interim CEO of Lyondell Basell.
Lane added, "While this was a difficult decision, our exit of the refining business advances the Company's decarbonization goals, and the site's prime location gives us more options for advancing our future strategic objectives, including circularity."
Lyondell Basell'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.