Lyondell buys refinery share | Chemical & Engineering News
Volume 84 Issue 34 | p. 23 | Concentrates
Issue Date: August 21, 2006

Lyondell buys refinery share

Department: Business

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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