Engineering News

Lyondell seeks Houston refinery sale by midsummer
Thu Apr 27, 2006 2:16 PM ET

NEW YORK, April 27 (Reuters) - Lyondell Chemical Co.'s chief financial officer on Thursday said the company aims to sell its jointly-owned Houston refinery by midsummer.

Lyondell and Venezuelan-owned Citgo Petroleum Corp. are considering selling the 268,000-barrel facility, the companies announced earlier this month.

"We're shooting for a short time for the sale to occur, probably midsummer," Chief Financial Officer Kevin DeNicola told investors during the company's earnings call.

"We think because of the level of interest there is, that is achievable," he added.

Lyondell holds 58.75 percent and Citgo holds 41.25 percent of the venture, which has soured in recent years over crude supply issues with PDVSA, the Venezuelan state oil company and Citgo's parent.

Valero Energy Corp., the leading U.S. refiner, has expressed interest in the Lyondell-Citgo Houston refinery, Valero Chief Executive Bill Klesse said Thursday.

"We have expressed an interest, and we'll see how this process evolves," Klesse said at the company's annual shareholder meeting.

Source: Reuters

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