HOUSTON and LONDON, Oct. 30, 2026 (GLOBE NEWSWIRE) -- LyondellBasell (NYSE: LYB) today announced it has entered into an agreement to sell its former Houston Refinery site and related assets to Valero Refining-Texas, L.P., a wholly owned subsidiary of Valero Energy Corporation (NYSE: VLO, "Valero"). The transaction represents another step in the company's ongoing portfolio transformation, sharpening its focus on businesses and assets that offer the strongest strategic fit and long-term value creation potential while strengthening its ability to allocate capital in line with its company strategy.

“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.”

Following the decision to cease refining operations, LYB evaluated a range of options for the site and determined that the sale offered the most compelling opportunity to advance the company's strategic priorities.

The total purchase price for the transaction is $320.5 million. Valero is assuming responsibility for ongoing site operations, environmental liabilities, pension costs and related employee obligations. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions. 

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About LyondellBasell
We are LyondellBasell (NYSE: LYB), a global leader in the chemical industry. We develop, manufacture and market innovative products for applications ranging from transportation and infrastructure to food safety, clean water and quality healthcare.

We hold leading positions in polyolefins, oxyfuels, propylene oxide and acetyls. Our focus on safe and reliable operations, proprietary technologies and strong portfolio positions us for success. Through disciplined investments, we strengthen our core businesses, and build profitable circular and low-carbon solutions that create long-term value for our customers, investors and other stakeholders.

Our commitment to an inclusive global workplace enables employees to do their best work as they create solutions for everyday sustainable living. For more information, please visit www.lyb.com or follow @LyondellBasell on LinkedIn.

Cautionary Note Regarding Forward-looking Statements
The statements in this press release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially from the anticipated results, or other expectations expressed in this press release, including, but not limited to, receipt of required regulatory approvals or the expiration of applicable waiting periods; the satisfaction of closing conditions; and our ability to complete the transaction described herein within the time period included herein. While these statements are made in good faith, LyondellBasell and its management cannot guarantee that anticipated future results will be achieved.