Valero Energy has agreed to acquire LyondellBasell's former Houston refinery for US$320.5m, subject to closing adjustments, the San Antonio-based refiner said on 30 October 2026.
Why Valero Energy Corporation (via Valero Refining-Texas, L.P.) is buying LYB Houston Hub Holdings LLC (former LyondellBasell Houston refinery)
Valero said the deal expands its US Gulf Coast footprint at a fraction of replacement value. It expects initially to restart 165,000 barrels per day of light sweet crude processing by the end of 2027 and sees scope to invest later in high-complexity, heavy sour crude processing.
“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,”
Deal terms and financing
Valero Refining-Texas, L.P. will buy all outstanding equity interests in LYB Houston Hub Holdings LLC from a subsidiary of LyondellBasell Industries N.V. LYB Houston indirectly owns an approximately 700-acre facility adjacent to Valero's Houston refinery on the Houston Ship Channel.
Regulatory approvals and timing
Completion is subject to customary conditions, including expiry or termination of the Hart-Scott-Rodino waiting period, and is expected by the end of 2026.
Market context
LyondellBasell shut the refinery in early 2025 as part of its exit from refining. The restart would return part of the US Gulf Coast capacity lost to recent closures.
