Phillips 66 sells pipeline system, storage spheres $700 million acquisition will completed by 1 March 2014.

Phillips 66 to sell pipeline system, storage spheres for $700 million

10:14 AM, 14th February 2014
Phillips 66 sells pipeline system storage spheres

HOUSTON, US: Phillips 66 will sell its products pipeline system and two storage spheres for $700 million to Phillips 66 Partners LP, the master limited partnership it spun off last year. This is in an attempt to consolidate its geographic footprint. The acquisition is expected to be completed by 1 March 2014. The partnership will acquire Phillip 66’s Gold Line System - which consists of a 681- mile refined products pipeline that runs from its Borger, Texas refinery to Cahokia, Illinois, US - and two recently constructed refinery-grade propylene storage spheres.

Additionally, the partnership and Phillips 66 will enter into transportation, storage and terminaling agreements ranging from five to 10 years long. Phillips 66,was spun off from ConocoPhillips (COP) in May 2012. After a year as a standalone company, it spun off Phillips 66 Partners.

 

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