Dammam – Aramco denied on Sunday the news saying it had bid for the purchase of LynodellBasell refinery in Houston, U.S.A.
Aramco issued a statement, of which Asharq Al-Awsat received a copy, saying it didn’t bid. “The company did not bid for the referred venture,” the statement said.
Aramco said that the news recently circulated about the company’s offer to purchase the refinery, one of the largest in the U.S. is incorrect, saying it has not made an offer to purchase the mentioned refinery.
Sources familiar with the matter told Reuters on Friday that at least three firms including Aramco had bid over $1 billion for the refinery, with the Saudi firm seen as the front-runner among the bidders. The other bidders included Valero Energy Corp and Suncor Inc, quoting sources said, adding that the bids were over $1 billion up to $1.5 billion.
The Lyondell refinery, a Dutch company, estimated to be worth around $2 billion, is designed to process low-quality, high sulfur crude oil.