According to Mizuho analysts, Lyondell Basell shut down its Houston refinery designed to process heavy Venezuelan crude oil less than a year ago, but as the US seeks control of Venezuela's crude oil reserves, the company may find it more valuable to sell the plant to another company. Analysts pointed out that Lyondell Basell had discussed using some of the refinery's assets to turn waste plastic into oil or convert it into a clean hydrogen energy base, “but recycled plastics and clean hydrogen energy projects are currently being delayed.” Analysts believe that “this site may be of greater value to another company willing to reinvest and restart as a refinery.” Although the site is over 100 years old, adding to the complexity of the transaction, analysts say Lyondell Basell may be an active seller.

According to Mizuho analysts, Lyondell Basell shut down its Houston refinery designed to process heavy Venezuelan crude oil less than a year ago, but as the US seeks control of Venezuela's crude oil reserves, the company may find it more valuable to sell the plant to another company. Analysts pointed out that Lyondell Basell had discussed using some of the refinery's assets to turn waste plastic into oil or convert it into a clean hydrogen energy base, “but recycled plastics and clean hydrogen energy projects are currently being delayed.” Analysts believe that “this site may be of greater value to another company willing to reinvest and restart as a refinery.” Although the site is over 100 years old, adding to the complexity of the transaction, analysts say Lyondell Basell may be an active seller.