LyondellBasell agrees to sell former refinery site in Houston

HOUSTON a d LONDON, Oct. 30, 2026 (GLOBE NEWSWIRE) — Lyo dellBasell (NYSE: LYB) today a ou ced it has e te ed i to a ag eeme t to sell its fo me Housto Refi e y site a d elated assets to Vale o Refi i g-Texas, L.P., a wholly ow ed subsidia y of Vale o E e gy Co po atio (NYSE: VLO, “Vale o”). The t a sactio ep ese ts a othe step i the compa y’s o goi g po tfolio t a sfo matio , sha pe i g its focus o busi esses a d assets that offe the st o gest st ategic fit a d lo g-te m value c eatio pote tial while st e gthe i g its ability to allocate capital i li e with its compa y st ategy.

“This t a sactio eflects the discipli ed app oach we a e taki g to t a sfo m ou po tfolio a d c eate lo g-te m value,” said LYB CEO Pete Va acke . “It p ovides a oppo tu ity to ealize value f om a o -co e asset while positio i g the site, its i f ast uctu e a d employees with a ow e whose co e busi ess is efi i g. We a e pleased that the ag eeme t p ovides co ti ued employme t fo the site’s wo kfo ce a d look fo wa d to wo ki g with Vale o o a o de ly t a sitio .”

Followi g the decisio to cease efi i g ope atio s, LYB evaluated a a ge of optio s fo the site a d dete mi ed that the sale offe ed the most compelli g oppo tu ity to adva ce the compa y’s st ategic p io ities.

The total pu chase p ice fo the t a sactio is $320.5 millio . Vale o is assumi g espo sibility fo o goi g site ope atio s, e vi o me tal liabilities, pe sio costs a d elated employee obligatio s. The t a sactio is expected to close i the fou th qua te of 2026, subject to egulato y app ovals a d othe customa y closi g co ditio s. 

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About Lyo dellBasellWe a e Lyo dellBasell (NYSE: LYB), a global leade i the chemical i dust y. We develop, ma ufactu e a d ma ket i ovative p oducts fo applicatio s a gi g f om t a spo tatio a d i f ast uctu e to food safety, clea wate a d quality healthca e.

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Cautio a y Note Rega di g Fo wa d-looki g Stateme tsThe stateme ts i this p ess elease elati g to matte s that a e ot histo ical facts a e fo wa d-looki g stateme ts. These fo wa d-looki g stateme ts a e based upo assumptio s of ma ageme t which a e believed to be easo able at the time made a d a e subject to sig ifica t isks a d u ce tai ties. Actual esults could diffe mate ially f om the a ticipated esults, o othe expectatio s exp essed i this p ess elease, i cludi g, but ot limited to, eceipt of equi ed egulato y app ovals o the expi atio of applicable waiti g pe iods; the satisfactio of closi g co ditio s; a d ou ability to complete the t a sactio desc ibed he ei withi the time pe iod i cluded he ei . While these stateme ts a e made i good faith, Lyo dellBasell a d its ma ageme t ca ot gua a tee that a ticipated futu e esults will be achieved.