Valero to Acquire and Restart Former LyondellBasell Refinery in Houston, Texas

Valero Energy Corporation announced on October 30, 2026, that its subsidiary Valero Refining-Texas, L.P. has agreed to acquire LYB Houston Hub Holdings LLC from a subsidiary of LyondellBasell for $320.5 million, subject to closing adjustments.

A 700-acre refinery site

LYB Houston indirectly owns an approximately 700-acre facility on the Houston Ship Channel, adjacent to Valero’s Houston refinery, that previously operated as a petroleum refinery.

165,000 barrels per day by end of 2027

Valero expects to initially restart 165,000 barrels per day of light sweet crude processing capacity by year-end 2027. The deal is expected to close by the end of 2026, subject to customary conditions including Hart-Scott-Rodino antitrust clearance.

Lane Riggs, Chairman, CEO and President of Valero said:

“This acquisition is a unique opportunity to strategically expand Valero’s U.S. Gulf Coast footprint at a fraction of replacement value and enhance the long-term strength of our refining system.”