WASHINGTON (dpa-AFX) - Refiner Valero Energy Corp. (VLO) announced on Friday that it has agreed to acquire the former Houston refinery site owned by a LyondellBasell Industries N.V. (LYB) subsidiary for $320.5 million, subject to closing adjustments.
Valero said its subsidiary, Valero Refining-Texas, L.P., will acquire all outstanding equity interests of LYB Houston Hub Holdings LLC, which owns an approximately 700-acre facility adjacent to Valero's Houston refinery on the Houston Ship Channel.
The company said it expects to initially restart 165,000 barrels per day of light sweet crude processing capacity at the site by the end of 2027.
Valero said the acquisition also provides an opportunity for future investment in high-complexity, heavy sour crude processing capacity.
The transaction is expected to close by the end of 2026, subject to customary closing conditions, including antitrust clearance.
Shares of Valero rose 1.51% to $390.39 in premarket trading after ending Thursday's session down 1.01%.
On the NYSE, shares of LyondellBasell fell 0.55% to $65.01 in premarket trading after ending Thursday's regular trading down 2.62%.
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