Phillips 66 has agreed to purchase a 7.1 million-bbl storage
capacity terminal located near Beaumont, Texas, the company
announced on Friday.
The Beaumont Terminal will be the largest terminal in the
Phillips 66 portfolio.
This acquisition supports our midstream growth
strategy, said Tim Taylor, president of 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
The Beaumont Terminal is strategically located on the US Gulf
Coast. It provides deep-water access and multiple
interconnections with major crude oil and refined product
pipelines serving 3.6 million bpd of refining
capacity. The terminal
- 4.7 million bbl of crude oil storage capacity and 2.4
million bbl 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
Financial terms were not disclosed.