Phillips 66 (NYSE:PSX)
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3 Months : From May 2018 to Aug 2018
By Colin Kellaher
Phillips 66 (PSX) on Wednesday said it will invest up to $1.5 billion to expand its Sweeny Hub in Texas, adding 300,000 barrels a day of new fractionation capacity.
The Houston energy and logistics company said the project includes two 150,000-barrel-a-day natural-gas-liquids fractionators, additional NGL storage capacity and associated pipeline infrastructure.
Phillips said it has secured supply agreements for Y-grade NGL feedstock, including an agreement with DCP Midstream LP (DCP), which has an option to acquire up to a 30% stake in the new fractionators. DCP said the option is exercisable at the in-service date of the fractionators, with a capital investment of about $400 million.
The Sweeny Hub, located in Old Ocean, southwest of Houston, currently has 100,000 barrels a day of fractionation capacity. Phillips said it expects the project to begin commercial operations in late 2020.
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
June 13, 2018 09:34 ET (13:34 GMT)
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