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Business

Lyondell buys refinery share

August 21, 2006 | APPEARED IN VOLUME 84, ISSUE 34

Lyondell Chemical has acquired Citgo Petroleum's 41.25% interest in the Lyondell-Citgo Refining joint venture for approximately $2.1 billion. The sale ends an impasse between the two firms over the future of the Houston-based venture, which they earlier tried to sell. Lyondell says it has signed a new five-year contract to receive crude oil from a subsidiary of Petróleos de Venezuela, Citgo's parent company.

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