Valero to Buy Former Houston Refinery Site from LyondellBasell for $320.5 Million

Valero Energy Corp. (VLO) said Friday it agreed to acquire the former Houston refinery site owned by a LyondellBasell Industries N.V. (LYB) subsidiary for $320.5 million, subject to closing adjustments. Valero Refining-Texas, L.P. will acquire all outstanding equity interests of LYB Houston Hub Holdings LLC, which owns an approximately 700-acre facility adjacent to Valero's Houston refinery on the Houston Ship Channel. Valero expects to initially restart 165,000 barrels per day of light sweet crude processing capacity at the site by the end of 2027, and said the deal offers an opportunity for future investment in high-complexity, heavy sour crude processing capacity. The transaction is expected to close by the end of 2026, subject to customary closing conditions including antitrust clearance. Valero shares rose 1.51% to $390.39 in premarket trading after ending Thursday's session down 1.01%. LyondellBasell shares fell 0.55% to $65.01 in premarket trading on the NYSE after closing Thursday down 2.62%.