A Houston refinery that shut down last year has a new owner—and plans to start making fuel again.
Valero agreed to pay $320.5 million for LyondellBasell’s former Houston refinery on the Houston Ship Channel, a roughly 700-acre site next to Valero’s existing Houston refinery. Valero said it expects to restart 165,000 barrels per day of light sweet crude processing capacity at the site by the end of 2027.
The deal is expected to close by the end of 2026, pending regulatory approvals and other customary conditions. Valero will also take responsibility for ongoing site operations and environmental, pension and employee-related obligations, according to LyondellBasell…