- LyondellBasell Industries NV LYB plans to delay the cessation of operations at Houston Refinery from the end of this year to no later than the end of the first quarter of 2025.
- The company anticipates moderate maintenance spend to support this extension in 2023 and 2024.
- In the future, LyondellBasell expects the 700-acre refining site will be part of a Houston regional hub for its Circular and Low Carbon Solutions business and support the growth of the LyondellBasell Circulen product portfolio.
- In April 2022, the company said it would be exiting the refining business by the end of 2023 for the best strategic and financial path forward.
- The exit delay will minimize workforce impacts as the company continues developing future options for the site.
- It will also enable a "smoother transition" between the shutdown and the implementation of the retrofitting and circular projects.
- LyondellBasell's Houston Refinery has a rated capacity to transform 268,000 barrels per day of crude oil into transportation fuels and other products including lubricants, chemical intermediates and petroleum coke.
- "Our plans to transform the site for future growth beginning in 2025 are aligned with our purpose of creating solutions for everyday sustainable living," said Peter Vanacker, LyondellBasell CEO.
- "It is exciting to have a suite of future projects in the early stages of development," he added.
- Price Action: LYB shares are trading lower by 1.94% at $85.04 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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