LyondellBasell agreed to transfer a former Houston refinery property and associated assets to a Valero subsidiary for $320.5 million, shifting site operations and several long-term obligations to the buyer.
Valero Refining-Texas, L.P., a company fully owned by Valero Energy Corporation, will operate the site and take on environmental, pension and employee-related obligations, LyondellBasell said Oct. 30.
The deal follows LyondellBasell’s decision to end refining at the location and a review of alternatives. The company said the sale advances its plan to focus on businesses and assets that fit its strategy.
CEO Peter Vanacker said the agreement is intended to preserve employment at the property while the companies coordinate the ownership transfer.
Completion is expected during the fourth quarter of 2026, with regulatory approvals and customary closing conditions still required.
