LyondellBasell announced its decision to cease operation of its Houston Refinery no later than December 31, 2023. In the interim, the company will continue serving the fuels market, which is expected to remain strong in the near-term, and consider potential transactions and alternatives for the site.

"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, interim CEO of LyondellBasell.

"These decisions are never easy and we understand this has a very real impact on our refinery employees, their families and the community. We are committed to supporting our people through this transition."

Lane added, "While this was a difficult decision, our exit of the refining business advances the Company's decarbonization goals, and the site's prime location gives us more options for advancing our future strategic objectives, including circularity."

LyondellBasell's Houston Refinery has a rated capacity to transform 268,000 barrels per day of crude oil into transportation fuels and other products including lubricants, chemical intermediates and petroleum coke.