Phillips 66 buys Beaumont crude, product terminal
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 significant expansion potential.
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 also has:
- 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 approvals.
Financial terms were not disclosed.
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