Mizuho analysts noted that LyondellBasell shut down its Houston refinery—designed to process Venezuelan heavy crude—less than a year ago, but as the U.S. seeks to gain control of Venezuela’s crude oil reserves, the company may find it more valuable to sell the facility to another firm. The analysts noted that LyondellBasell had previously discussed using some of the refinery’s assets to convert waste plastic into oil or converting it into a clean hydrogen hub, “but both the plastic recycling and clean hydrogen projects are currently on hold.” Analysts believe that “the site may hold greater value for another company willing to reinvest and restart it as a refinery.” Although the site’s more than 100-year history adds complexity to the transaction, analysts say LyondellBasell is likely a willing seller.