LyondellBasell has entered into a definitive agreement to sell its former Houston Refinery site and related assets to Valero Refining-Texas, a wholly owned subsidiary of Valero Energy Corporation, for $320.5 million.

Under the terms of the deal, Valero will take over responsibility for ongoing operations and environmental liabilities at the location. The transaction is expected to close in the fourth quarter of 2026, pending regulatory approvals and standard closing conditions.

This asset sale advances the company's planned portfolio restructuring. By shedding non-core assets, the company is narrowing its operational focus toward high-margin businesses that offer optimal strategic alignment and robust, long-term capital efficiency. The freed-up capital will be strictly redeployed to support core strategic expansion priorities.

“This transaction reflects the disciplined approach we are taking to transform our portfolio and create long-term value,” said LYB CEO Peter Vanacker. “It provides an opportunity to realize value from a non-core asset while positioning the site, its infrastructure and employees with an owner whose core business is refining. We are pleased that the agreement provides continued employment for the site’s workforce and look forward to working with Valero on an orderly transition.”

Having decided to wind down refining operations, LyondellBasell explored various alternatives for the property and concluded that selling it provided the strongest path forward for its strategic objectives.