Houston refinery draws bids

NEW YORK/HOUSTON: At least three firms including Saudi Arabian state oil giant Saudi Aramco have bid over $1 billion for LyondellBasell Industries NV's refinery in Houston, according to four people familiar with the process.The Saudi firm was initially seen as the front-runner among bidders that also included Valero Energy Corp and Suncor Inc, sources said, but added it is unclear if that is still the case.

Aramco has bid $1.5 billion for the plant, after an initial bid of $1.2 billion, three sources said.

Aramco may be looking to boost its U.S. refining capability to compensate for capacity that it is losing as it breaks up a joint venture with Royal Dutch Shell.