Valero to Acquire Houston Refinery Facility for $320.5 Million

Valero Energy Corporation entered into a definitive agreement Thursday to acquire LYB Houston Hub Holdings LLC from a subsidiary of LyondellBasell Industries N.V. for $320.5 million. The deal includes a 700-acre facility on the Houston Ship Channel in Texas that previously operated as a petroleum refinery.

Valero plans to restart 165,000 barrels per day of light sweet crude processing capacity at the site by the end of 2027. The company also maintains the option to invest in heavy sour crude processing at a later date.

Chief Executive Officer Lane Riggs described the acquisition as a unique opportunity to expand the company's Gulf Coast footprint at a fraction of replacement value. The transaction is expected to close by the end of 2026, pending customary closing conditions and the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period.