LyondellBasell, the multinational chemical company with U.S. headquarters in Houston, is getting out of the refining business, it said Thursday. The company plans to close its Houston refinery, which employs about 550 people, by Dec. 31 of next year.
to offload it in 2017. Lyondell will"continue to consider potential transactions and alternatives for the site," it said Thursday in a statement."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, the company's interim CEO.
Around 550 people work at the Houston Refinery, which is one of the largest in the United States. It is capable of refining 268,000 barrels of oil per day of crude into transportation fuels such as reformulated gasoline, diesel and jet fuel, as well as products like lubricants and petroleum coke.of major refineries to shutter since the start of the pandemic, which forced refiners to reckon with mounting costs and declining future prospects for gasoline as the energy transition accelerated.
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