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Lyondell still seeks to sell Houston refinery after disputes on value

by ChemOrbis Editorial Team -
  • 07/02/2017 (15:01)
According to Reuters, LyondellBasell could not sell its 263,766 barrels/day refinery in Houston, which it owned since 1985, due to disputes over its value last year.

LyondellBasell’s price tag for the refinery, which is considered valuable for its capacity to refine heavy crude oil, was $1.5 billion, the reports revealed. Saudi Aramco, Valero Energy Corp and Suncor were interested in buying the refinery. However, the value of the refinery was disputed due to the power outages and two fires experienced in 2016, which caused the production to fall to 32% of capacity and the earnings to $72 million in 2016, $447 million less than the earnings recorded in 2015.

Lyondell is in efforts to improve the refinery’s reliability by a planned maintenance at the 90,000 barrels/day gasoline-producing fluidic catalytic cracking unit and at the 120,000 barrels/day crude distillation unit, the reports indicated.
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