LyondellBasell has retained Bank of America Merrill Lynch to help it sell its Houston refinery, Reuters reports. Company CEO Bob Patel said in March that the refinery could eventually be sold and that it might be more valuable as part of a larger refining system instead of a chemical company. Sources say four potential suitors have expressed interest, including Valero, Saudi Aramco, Cenovus Energy and Suncor Energy.
A LyondellBasell spokeswoman said the company has made no decisions yet, but it reportedly sent an email to employees notifying them that the refinery is for sale. The process is expected to pick up after the Labor Day holiday.
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