The refinery, under LyondellBasell’s ownership since 2006, is one of the largest in the United States, with capacity to transform 268,000 barrels per day of crude oil into transportation fuels.
“While the Houston Refinery is a valuable, well-performing asset, we have long held the belief that it may be even more valuable as part of a larger refining system,” Chief Executive Bob Patel said.
Following a merger with Basell in 2007 and emergence from bankruptcy in 2012, LyondellBasell expanded chemical production plants around the world, making the oil refinery secondary to its petrochemical business. (https://reut.rs/3hbtJV4)
LyondellBasell said in a statement it cannot provide assurances regarding the outcome or timing of the review process.
Bank of America is acting as a financial adviser to LyondellBasell and Vinson & Elkins the legal counsel for the process.