Acquisition provides significant expansion opportunities to serve
growing Gulf Coast logistics and storage market
HOUSTON--(BUSINESS WIRE)--
Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company,
has agreed to purchase a 7.1 million-barrel storage capacity terminal
located near Beaumont, Texas. The Beaumont Terminal will be the largest
terminal in the Phillips 66 portfolio.
“This acquisition supports our midstream growth strategy,” said Tim
Taylor, president, Phillips 66. “Given our expectations for increasing
volumes of North American crude oil movements into the Gulf Coast region
and growth in refined product exports, the Beaumont Terminal is well
positioned to serve this growing market while providing significant
expansion potential.”
The Beaumont Terminal is strategically located on the U.S. Gulf Coast.
It provides deep-water access and multiple interconnections with major
crude oil and refined product pipelines serving 3.6 million barrels per
day of refining capacity. The terminal also has:
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4.7 million barrels of crude oil storage capacity and 2.4 million
barrels of refined product storage capacity;
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Two marine docks capable of handling Aframax tankers and one barge
dock; and
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Rail and truck loading and unloading facilities.
The Beaumont Terminal is currently owned by UNOCAL, a member of the
Chevron Group. The transaction is expected to close in the third quarter
of 2014 following the receipt of regulatory approvals. Terms are not
being disclosed.
About Phillips 66
Built on more than 130 years of experience, Phillips 66 is a growing
energy manufacturing and logistics company with high-performing
Midstream, Chemicals, Refining, and Marketing and Specialties
businesses. This integrated portfolio enables Phillips 66 to capture
opportunities in a changing energy landscape. Headquartered in Houston,
the company has 13,500 employees who are committed to operating
excellence and safety. Phillips 66 had $51 billion of assets as of March
31, 2014. For more information, visit www.phillips66.com
or follow us on Twitter @Phillips66Co.
Source: Phillips 66