Massive Oil Refinery On Track To Shut Down Amid Fuel Supply Shortages, Record Prices
A key Texas petroleum refinery that produces more than 200,000 barrels of fuel per day is facing a premature shutdown that could increase pressure on domestic fuel supplies.
The Houston, Texas, facility — which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 — is scheduled to permanently close by the end of 2023, but could shut down earlier if a “major equipment failure” spreads to major units, two people familiar with the issues told Reuters. The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 bpd of diesel fuel, 89,000 bpd of gasoline and 44,500 bpd of jet fuel.
“The Houston Refinery is currently operating as planned,” LyondellBasell said in a statement Tuesday to The Daily Caller News Foundation. “LyondellBasell previously announced it will cease operations of the Houston Refinery no later than December 31, 2023. In the interim, the company will continue serving the fuels market, which is expected to remain strong near-term.”
LyondellBasell announced in April that it would shut the refinery by 2024 due to the heavy financial burden of upgrading its more than 100-year-old infrastructure, Barron’s reported at the time.
https://www.msn.com/en-us/money/markets/massive-oil-refinery-on-track-to-shut-down-amid-fuel-supply-shortages-record-prices/ar-AAYbMLV
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