Phillips 66 acquires major Gulf Coast crude oil and refined products terminal
- The Beaumont Terminal will be the largest terminal in the Phillips 66 portfolio.
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:
- 4.7 million barrels of crude oil storage capacity and 2.4 million barrels of refined product storage capacity;
- Two marine docks capable of handling Aframax tankers and one barge dock; and
- 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.
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