From the Left
AllSides Media Bias Rating: Lean Left
LyondellBasell Industries NV will exit the crude-oil processing business with the permanent shutdown of its sole refinery early next year.
The chemical company plans to start the closure of its Houston refinery in January, according to an earnings presentation, after failing to find a buyer for it. The shuttering, first announced in 2022 and postponed multiple times, comes amid weaker profit margins after rivals Exxon Mobil Corp. and Marathon Petroleum Corp. added oil processing capacity on the Gulf Coast.
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