LyondellBasell announces plan to exit refining business
The interim CEO stated although the business is leaving the refinery small business, the site’s place will give much more alternatives for advancing long term strategic options.
HOUSTON — LyondellBasell declared Thursday it is closing its Houston refinery upcoming calendar year and is exiting the refining organization.
“Immediately after carefully analyzing our possibilities, we have identified that exiting the refining enterprise by the close of upcoming yr is the finest strategic and economic route ahead for the Company,” stated Ken Lane, interim CEO of LyondellBasell. “These conclusions are never ever quick and we understand this has a extremely serious affect on our refinery workforce, their people and the community. We are fully commited to supporting our men and women by way of this transition.”
Lane included that the firm’s exit will progress its decarbonization goals and the site’s place will give a lot more opportunities for advancing long run strategic designs, such as circularity.
The corporation claimed that in its interim, it will continue on serving the fuels industry and consider potential transactions and alternate options for the internet site.
The 700-acre Pasadena plant is capable to refine extra than a quarter of a million barrels of oil for every day, turning crude into transportation fuels like gasoline and diesel.
The refinery itself is extra than 100 decades old, though it is really changed hands numerous instances.
While oil is in significant need these days, since of the Russian invasion, it is really been on the decline as other resources of electrical power begun to take location.
“Most of the management for Lyondell is in Europe and Europe is getting the lead in finding fossil fuels and hefty fuels, and of training course, an previous refinery that procedures weighty crude is definitely a single of them,” claimed KHOU 11 energy qualified Ed Hirs.
Hirs said he thinks the business will inevitably find a consumer.
LyondellBasell has a lot more than 500 personnel.
Hirs stated personnel really should be in a position to obtain function with other providers and could be retained to assist remediate the internet site.
