Lyondell still seeks to sell Houston refinery after disputes on value
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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Muted demand in Europe paves way for plenty of PP, PE offers in Turkey
- Import PE uptrend persists in China despite bearish winds mounting in local market
- 3-digit hikes in Oct PVC offers reinforce supply-driven bullishness in Asia
- Crude oil caught between demand woes and production disruption
- Tightness drives European PVC market up, prices near pre-pandemic levels
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
- China's import PP markets maintain uptrend under shadow of oil-driven losses in Dalian futures
- Weaker domestic demand prompts Vietnam to export polymers
- European PP market ceases upward trend in September