The interim CEO mentioned though the business is leaving the refinery company, the site’s locale will give much more prospects for advancing upcoming strategic options.
HOUSTON — LyondellBasell announced Thursday it’s closing its Houston refinery up coming 12 months and is exiting the refining business enterprise.
“After carefully examining our options, we have identified that exiting the refining enterprise by the close of next calendar year is the most effective strategic and financial route forward for the Enterprise,” claimed Ken Lane, interim CEO of LyondellBasell. “These choices are never straightforward and we fully grasp this has a very actual affect on our refinery workforce, their people and the community. We are dedicated to supporting our folks via this transition.”
Lane added that the company’s exit will progress its decarbonization ambitions and the site’s site will give a lot more prospects for advancing potential strategic ideas, together with circularity.
The company said that in its interim, it will carry on serving the fuels current market and take into consideration possible transactions and solutions for the internet site.
The 700-acre Pasadena plant is equipped to refine extra than a quarter of a million barrels of oil per working day, turning crude into transportation fuels like gasoline and diesel.
The refinery by itself is more than 100 several years old, though it is modified fingers a number of moments.
Whilst oil is in significant demand these times, mainly because of the Russian invasion, it is really been on the drop as other sources of energy started to consider area.
“Most of the leadership for Lyondell is in Europe and Europe is using the guide in finding fossil fuels and weighty fuels, and of program, an aged refinery that processes major crude is surely 1 of them,” mentioned KHOU 11 vitality professional Ed Hirs.
Hirs stated he thinks the organization will inevitably obtain a customer.
LyondellBasell has much more than 500 staff.
Hirs explained workers ought to be in a position to locate operate with other corporations and could be retained to support remediate the internet site.