Mergers & Acquisitions ·
Valero agrees to acquire former Houston refinery from LyondellBasell for $320.5 million
VLOValero Energy Corp
Valero Energy Corporation’s wholly owned subsidiary, Valero Refining-Texas, L.P., entered into a definitive agreement to acquire all outstanding equity interests of LYB Houston Hub Holdings LLC from a subsidiary of LyondellBasell Industries N.V. The purchase price is $320.5 million, subject to closing adjustments. The transaction involves an approximately 700-acre facility adjacent to Valero’s existing Houston refinery on the Houston Ship Channel in Texas that previously operated as a petroleum refinery. Closing is expected by the end of 2026, contingent upon customary conditions including the expiration or termination of the Hart-Scott-Rodino Antitrust Improvements Act waiting period. Valero plans to initially restart 165,000 barrels per day of light sweet crude processing capacity at the facility by year-end 2027 and may later invest in high-complexity, heavy sour crude processing capabilities. Valero Energy Corporation is a multinational manufacturer and marketer of petroleum-based fuels and petrochemical products operating 14 refineries globally.