LyondellBasell to keep Houston refinery after asset review

• LyondellBasell (LYB -0.2%) says it is taking its Houston-area refinery off the selling block after weighing several sales options in recent months.
• LYB now says it sees “tremendous value” in the refinery going forward, after it had considered selling the refinery because of weakening profit margins and its place as the only refinery in the company’s global portfolio of chemical and plastics plants.
• Valero Energy (VLO -0.7%), Suncor (SU +0.8%) and Saudi Aramco had been rumored as potential buyers of the refinery, which is valued at $1B or more and can process up to 268K bbl/day of crude into gasoline, jet fuel, diesel and other products.