King & Spalding advised Lyondell Chemical Company, a wholly owned subsidiary of LyondellBasell (NYSE: LYB), in connection with its agreement to sell its former Houston Refinery site and related assets to Valero Refining–Texas, L.P., a wholly owned subsidiary of Valero Energy Corporation (NYSE: VLO), for approximately $320.5 million. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions.