Saudi Aramco has denied having made an offer to acquire the refinery LyondellBasell wants to sell in Houston, Texas, USA, the Saudi Press Agency said. Citing sources familiar with the matter, the news agency Reuters last week named Aramco among at least three firms making bids for the refinery worth $1-1.5 billion.

Other bidders named by Reuters included Valero Energy Corp and Suncor. LyondellBasell has not put a price on the facility, but some sources speculated it could be worth around $2 billion, depending on how much the Dutch-based, US-managed petrochemicals group has to spend on renewable fuel credits.

News last month that the Saudi group plans to invest a total of about $334 billion by 2025, including spending on infrastructure and projects including shale gas exploration, is thought to have given rise to speculation about the refinery purchase. Some observers said a Saudi Aramco bid for the facility would have helped boost the Kingdom’s position on the Gulf of Mexico coast and in the US energy market.