Houston – LyondellBasell Corporation announced Thursday its decision to decommission its Houston refinery no later than December 31, 2023. In the meantime, the company will continue to service the fuel market, which is expected to remain strong in the near term, and consider potential transactions and alternatives for the location.
“After conducting a thorough analysis of 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, LyondellBasell’s interim CEO. “These decisions are never easy and we understand that this is having a very real impact on our refinery employees, their families and the community. We are committed to supporting our employees through this transition.”
Lynn added: “While this was a difficult decision, our exit from the refining business advances the company’s decarbonization goals, and the site’s prime location provides us with more options to advance our future strategic goals, including recycling.”
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LyondellBasell’s Houston refinery has the estimated capacity to convert 268,000 barrels per day of crude oil into transportation fuels and other products including lubricants, chemical intermediates and petroleum coke.
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