Summary : Chemical maker Lyondell Basell Industries (LYB.N) is considering a “very large investment” at the site of its Houston refinery after it permanently stops refining crude oil by the end of 2023, Chief Executive Peter Vanacker said in a conference call on Friday.
The investment would be in a technology Lyondell is developing to recycle plastics, Vanacker said during the Friday morning conference call with Wall Street analysts to discuss second-quarter results.
“But the more we look at it, the more we are inspired … because we have very good equipment that we eventually could then use.”
Lyondell, which in April announced plans to shutter the refinery in December 2023, has said hydrotreaters at the refinery could be used to upgrade pyrolysis oil made from recycled plastics.
Vanacker, in his first conference call since becoming Lyondell’s chief executive in May, offered the answer about repurposing the refinery site to answer questions about possible negotiations with would-be buyers of the facility.
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