Valero Energy Corporation announced on October 30, 2026, that its wholly owned subsidiary, Valero Refining-Texas, L.P., has entered into a definitive agreement to acquire all outstanding equity interests of LYB Houston Hub Holdings LLC from a subsidiary of LyondellBasell Industries N.V.
The transaction involves the purchase of an approximately 700-acre facility located adjacent to Valero’s existing Houston refinery on the Houston Ship Channel in Texas. The facility previously operated as a petroleum refinery.
Valero expects the acquisition to close by the end of 2026, contingent upon customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The company plans to initially restart 165,000 barrels per day of light sweet crude processing capacity at the site by year-end 2027. Additionally, the acquisition provides the opportunity for future investment in high-complexity, heavy sour crude processing capabilities.
The purchase price for the transaction is set at $320.5 million, subject to closing adjustments.
