French energy firm Total has decided not to sell a 50% stake in its Port Arthur, Texas, refinery, Reuters reports. Total last July retained investment bank Lazard to help it find a buyer. Total would have remained as operator and 50% owner of the refinery, which is its only site in the U.S. Reuters notes that Suncor Energy bid on the refinery, but the parties could not reach an agreement. The decision is a reversal for Total, which had been seeking to reduce its downstream exposure.
The company is set to decide in the third quarter whether or not it will build a $2 billion steam cracker at the refinery.
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