Lyondell Basell delays refining business exit to 2025
(Reuters) - Chemical maker Lyondell Basell Industries said on Wednesday that it plans to delay its refining business exit from year-end 2023 to no later than the end of the first quarter 2025.
The company said in April it would close its Houston refinery by the end of 2023 after two failed attempts to sell the plant, and the closing of Lyondell's five U.S. refineries in the past two years.
"Favorable inspections and consistent performance have given the company confidence to continue safe and reliable operations at the Houston site," Lyondell said on Wednesday.
The company said it will continue to look at future options for the Houston site once Lyondell exits oil refining, including low carbon initiatives such as producing blue and green hydrogen.