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Oil giant buys shuttered Houston refinery for $320M to restart plant

Valero Energy Corporation has agreed to purchase LyondellBasell Industries' shuttered Houston refinery for $320.5 million, with plans to bring the plant back online by the end of 2027. The deal includes acquiring LYB Houston Hub Holdings LLC through a wholly owned Valero subsidiary. The acquisition encompasses an approximately 700-acre facility located on the Houston Ship Channel adjacent to Valero's existing Houston refinery. The transaction aims to restore 165,000 barrels per day of throughput capacity, offering an opportunity to invest in high-complexity, heavy sour crude processing.

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  • ✓ Valero Energy Corporation agreed to acquire LyondellBasell's former Houston refinery site for $320.5 million.
  • ✓ The buyer is Valero's wholly owned subsidiary, Valero Refining-Texas, L.P.
  • ✓ The transaction involves acquiring LYB Houston Hub Holdings LLC from a LyondellBasell subsidiary.
  • ✓ The facility covers approximately 700 acres adjacent to Valero's existing refinery on the Houston Ship Channel.
🛡️ Source Corroboration: 11 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

Valero announced a definitive agreement to acquire the idled LyondellBasell Houston refinery site and unveiled a timeline to restart operations by late 2027.

Live updates

  1. Valero Buys Shuttered Houston Refinery for $320M to Restart

    Valero Energy Corporation has agreed to purchase LyondellBasell Industries' shuttered Houston refinery for $320.5 million, with plans to bring the plant back online by the end of 2027. The deal includes acquiring LYB Houston Hub Holdings LLC through a wholly owned Valero subsidiary. The acquisition encompasses an approximately 700-acre facility located on the Houston Ship Channel adjacent to Valero's existing Houston refinery. The transaction aims to restore 165,000 barrels per day of throughput capacity, offering an opportunity to invest in high-complexity, heavy sour crude processing.

    Why it matters

    The purchase expands Valero's refining footprint along the US Gulf Coast as fuel markets rally. The target site represents Houston's oldest oil refinery and has remained idled following previous closure decisions by LyondellBasell. Valero expects the transaction to close by the end of 2026, pending standard regulatory reviews and the expiration of waiting periods under antitrust legislation.

    What is confirmed

    • Valero Energy Corporation agreed to acquire LyondellBasell's former Houston refinery site for $320.5 million.
    • The buyer is Valero's wholly owned subsidiary, Valero Refining-Texas, L.P.
    • The transaction involves acquiring LYB Houston Hub Holdings LLC from a LyondellBasell subsidiary.
    • The facility covers approximately 700 acres adjacent to Valero's existing refinery on the Houston Ship Channel.
    • Valero plans to restart 165,000 barrels per day of throughput capacity by the end of 2027.
    • The deal was announced on October 30, 2026.
    • Transaction closing is expected by the end of 2026, subject to regulatory conditions including Hart-Scott-Rodino Act clearance.

    What to watch next

    • Expiration or termination of the antitrust waiting period under the Hart-Scott-Rodino Act.
    • Official completion of the transaction by the end of 2026.
    • Progress on restarting the 165,000 barrels per day of capacity toward the end-2027 target.
    Sources used for this update (11)
    1. Chron — Oil giant buys shuttered Houston refinery for $320M to restart plant
    2. Bloomberg — Valero to Buy, Restart Idled Texas Refinery as Fuel Rallies
    3. Houston Chronicle — Valero unveils its $320M plan to buy Houston’s oldest oil refinery and reopen it
    4. Oil & Gas Journal — Valero to acquire former LyondellBasell Houston oil refinery, restart 165,000 b/d by end-2027
    5. Yahoo Finance — Valero to Acquire Former Houston Refinery from LyondellBasell
    6. energynewsbeat.com — Valero to Buy, Restart Idled Texas Refinery as Fuel Rallies
    7. hoodline.com — Valero Agrees to Buy LyondellBasell's Houston Refinery for $320M
    8. investorvalero.com — Valero to Acquire Former Houston Refinery from LyondellBasell
    9. news.chemnet.com — Valero acquires idle Houston refinery for $320.5 million ...
    10. constructionreviewonline.com — Valero Houston Refinery Expansion: Valero to Acquire ...
    11. www.credenceresearch.com — Valero to Buy LyondellBasell's Idled Houston Refinery ...
    confidence 100%
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