Reported 25 days ago
LyondellBasell Industries NV is set to permanently close its Houston refinery, the company's only oil processing facility, starting January 2025. This decision follows unsuccessful attempts to sell the refinery and comes amid declining profit margins due to increased competition from other oil processors. Originally built in 1918, the refinery has faced challenges in recent years, including fires and rising operational costs, prompting the company to reassess its European operations as well.
Source: YAHOO