LyondellBasell To Extent Exit Plan From Refining Business To Q1 Of 2025

(RTTNews) - LyondellBasell Industries N.V. (LYB) Wednesday announced a delay in its exit from the refining business. The company now plans to exit no later than the end of the first quarter of 2025, while the prior plan was to exit by the end of 2023.

The company noted that favorable inspections and consistent performance have given the company confidence to continue the operations at the Houston site.

LyondellBasell expects that the extension will minimize workforce impacts and will enable a smoother transition between the shutdown and the implementation of the retrofitting and circular projects.

Further, the company noted that multiple options are being evaluated including recycled and renewable-based feedstocks and green and blue hydrogen. In the future, LyondellBasell expects the 700-acre refining site will be part of a Houston regional hub for its Circular and Low Carbon Solutions business and support the growth of the LyondellBasell Circulen product portfolio.