Happy Wednesday!
Back at the end of October 2023
we blogged about LyondellBasell joining the HyVelocity Hydrogen Hub, and now it appears where their old refinery on the
Houston Ship Channel is involved there is much unknown!
Did anyone happen to read The
Houston Chronicle’s Business Section on November 5, 2024, their article titled,
“One of city’s oldest refineries closing – LyondellBasell says it is exiting ‘a
volatile, low-margin business’”? In the
article, it goes on to speak about LyondellBasell’s 100+ year old Houston
refinery which is along the Houston Ship Channel is on target to retire in early
2025 and its future. On Friday, November
2, 2024, during its earnings call, the company said it was on target to close
the old refinery, and they will be leaving the petroleum fuel products industry
behind them. The company admitted they
were not sure what their next step with the refinery would be, and if they will
be adapting it for plastics or changing it over to some type of bioenergy or
green energy. LyondellBasell has filed
with the Security and Exchange Commission (SEC) they will be losing in the
range of $610 to $980 million for leaving the petroleum refining industry
nonetheless this will free up money for other projects which have a long-term value
to all. We wish them luck during their
transition and hope they bring new life to the old refinery. If you
would like to read more of The Houston Chronicle’s article, please click
the link: LyondellBasell on track to close Houston refinery next year.
If you would
like help in looking into how to transport your product efficiently, safely, and
with less of a carbon footprint or just find out what is underneath your feet
to help with your emission reduction goals, contact us via email in the Blog
and check out our ESC's website!
We hope you have a wonderful evening and a great rest of
your week!
**Disclaimer: You may be charged a fee to read The
Houston Chronicle’s article. **