Lyondell Basell to Shutter Houston Oil Refinery

Chemical maker Lyondell Basell Industries will permanently close its Houston crude oil refinery by the end of 2023, the company said on April 21.

The decision comes after two failed attempts to sell the plant and the closing of five U.S. refineries in the last two years. Refining until recently has been beset by high costs and low margins.

“After thoroughly analyzing our options, we have determined that exiting the refining business by the end of next year is the best strategic and financial path forward,” said Ken Lane, interim CEO.