NEW YORK (TheStreet) -- LyondellBasell Industries (LYB) - Get Report has retained Bank of America/Merrill Lynch to assist with the possible sale of its 263,776 barrel-per-day refinery in Houston, sources told Reuters.
This comes after the chemical company fielded inquiries from at least four potential suitors, the sources added.
The process is expected to begin after the Labor Day holiday in the U.S. in early September, Reuters noted.
LyondellBasell's Houston segment is a significant Gulf Coast refinery, which can run a large variety of crude oils, such as light Bakken and heavier grades from Canada.
A sale of the unit may bring heightened competition among Gulf Coast refiners as two of the possible bidders are not currently present in the U.S. refinery row, Reuters added.
Valero Energy (VLO), Saudi Aramco, Cenovus Energy (CVE) and Suncor Energy (SU) are some of the companies that have shown interest in the refiner, the sources said.
Shares of LyondellBasell closed higher on Thursday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: LYB