Valero Energy announced a definitive agreement to acquire a 700-acre former petroleum refinery in Houston from a subsidiary of LyondellBasell for a purchase price of $320.5 million. The facility is adjacent to Valero's existing Houston refinery on the Houston Ship Channel. The company plans to restart a portion of the facility's capacity to enhance its U.S. Gulf Coast operations.
Key Details
- Acquisition Price: $320.5 million, subject to closing adjustments.
- Strategic Plan: Valero plans to restart 165,000 barrels per day (BPD) of light sweet crude processing capacity by year-end 2027.
- Timeline: The transaction is expected to close by the end of 2026, subject to regulatory approvals, including the Hart-Scott-Rodino Act waiting period.