HOUSTON – LyondellBasell announced Thursday its decision to cease operations at its Houston refinery no later than December 31, 2023. In the meantime, the company will continue to serve the fuel market, which should remain strong in the short term, and is evaluating potential transactions and site alternatives.
“After thoroughly evaluating our options, we have concluded that exiting the refining business by the end of next year is the best strategic and financial path for the Company,” said Ken Lane, interim CEO of LyondellBasell. “These decisions are never easy and we understand that this has a very real impact on our refinery workers, their families and the community. We are committed to supporting our employees in this transition.”
Lane 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 gives us more opportunities to advance our future strategic goals, including the circular economy.”
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LyondellBasell’s Houston Refinery has a nominal capacity to convert 268,000 barrels per day of crude oil into fuels for transportation and other products, including lubricants, chemical intermediates and petroleum coke.
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