HOUSTON, Aug. 17 (UPI) -- Lyondell Chemical Co. has confirmed it paid $2.1 billion to buy Citgo's 41.25 percent stake in the Houston-area Lyondell-Citgo Refining LP refinery.
Also, Lyondell has negotiated a new five-year, 230,000-barrel-per-day crude oil contract with a subsidiary of Petroleos de Venezuela SA, which owns Citgo, for the refinery, Lyondell said Wednesday.
"The new contract is based on market prices, which in recent years have been lower than those under the previous crude supply agreement," Lyondell said in a statement.
The acquisition gives Lyondell sole ownership of the 268,000-barrel-per-day Houston refinery, which is strategically located on the U.S. Gulf Coast with access to interstate pipelines and the port of Houston.
The facility refines very heavy high-sulfur crude oil into assorted products.