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Saudi Aramco has bid $1.5B for LyondellBasell's (NYSE:LYB) refinery in Houston, one of at least three bidders for the plant including Valero Energy (NYSE:VLO) and Suncor Energy (NYSE:SU), Reuters reports.
- LYB has not stated publicly what it considers an appropriate value for the plant, but Reuters says a source familiar with negotiations believes a sale ultimately could fetch $2B.
- The cost of renewable fuel credits may affect the price of the plant, because LYB will need to spend ~$200M this year on the credits, which could cap the price bidders are willing to pay, says a Tudor Pickering analyst.