Lyondell Buys Out Venture

It acquires Citgo's 41% stake in a refining operation.
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Lyondell Chemical


bought out Citgo's 41.25% ownership interest in Lyondell-Citgo Refining in a transaction valued at about $2.1 billion, including Citgo's portion of the refinery's debt.

The Houston-based company negotiated a new five-year, 230,000-barrel-a-day crude oil contract with a subsidiary of Petroleos de Venezuela S.A. for the refinery. The transaction was financed using the proceeds of a seven-year Lyondell term loan. The acquisition gives Lyondell sole ownership of the 268,000-barrel-a-day Houston refinery, which is located on the U.S. Gulf Coast.

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