Lyondell Chemical

(LYO)

and

Citgo Petroleum

are considering selling their Lyondell-Citgo Refining LP partnership, which operates a refinery in Houston. The refinery has a crude oil processing capacity of 268,000 barrels per day.

The companies also settled all disputes between Lyondell, Citgo and Citgo parent Petroleos de Venezuela, including the litigation concerning the refinery crude supply agreement. The terms were not disclosed.

Lyondell-Citgo Refining LP was formed in 1993 as a joint venture between Lyondell Chemical and Citgo Petroleum, an indirect wholly owned subsidiary of Petroleos de Venezuela the national oil company of Venezuela. Lyondell holds a 58.75% interest in LCR and Citgo holds a 41.25% interest.

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