Philips 66 (NYSE:PSX) Acquiring Gulf Coast Crude Terminal

Boston, MA 06/13/2014 (wallstreetpr) – Reports indicate that, independent refiner, Philips 66 (NYSE:PSX), is in the process of acquiring 7.1 million barrel storage terminal at Beaumont Texas; this is part of the company’s strategy to beef up its logistics and transportation assets. The facility is currently owned by Chevron Corporation (NYSE:CVX), 96KM away from Philips 66’s nearest refinery.

Philips 66 (NYSE:PSX) plans to use the facility for its own refineries, as well as others on the Gulf Coast as it commands a significant expansion potential. The sale is scheduled to close in the third quarter awaiting regulatory approvals. The terminal has two marine docks able to handle up to 750,000 barrel oil tankers, rail and truck loading and unloading infrastructure.

The Beaumont terminal is strategically positioned to benefit from rising volumes of North American crude oil moving across the Gulf Coast region, able to boost refined product exports.

Philips 66 Maintains Court Supports Its Takeover Of PDSVA

Philips 66 (NYSE:PSX) has stated that an international tribunal has weighed its support into its acquisition of 50% stake in facilities at Sweeney Refinery from Petroleos de Venezuela SA. The International Chambers of Commerce Court of Arbitration upheld Philips 66 right to exercise its call option of 2009 last month.

State owned PDSVA had initiated an’ arbitration with the ICC claiming the call option was invalid. PDSVA is currently hurt on several fronts because there is not a lot of crude importation. First, the company continues to lose a lot on reduced refinery and production, as well as loss of opportunity on the opportunity to bring crude into the refinery.

Fire Hits Philips 66’S Crude Unit

The fire broke out at Philips 66 (NYSE:PSX)’s large crude unit at 1.45 pm on Wednesday but looks not to have caused too much damage as it was extinguished in 15 minutes. No one was injured during the incidence with employees being dispatched off-site for air quality measurement.

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Published by Donna Fago

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