HOUSTON, June 5 Independent refiner Phillips 66
is buying a 7.1 million-barrel storage terminal near
Beaumont, Texas, as part of the company's plan to beef up
logistics and transportation assets.
The terminal, now owned by Chevron Corp, is nearly
60 miles (96 km) from Phillips' nearest refinery, its 239,400-
barrel-per-day plant in Westlake, Louisiana. Phillips 66 said
the terminal will serve its own refineries, as well as others on
the U.S. U.S. Gulf Coast, and has "significant" expansion
The sale is expected to close in the third quarter pending
regulatory approvals. The companies did not disclose terms.
The terminal has two marine docks capable of handling
750,000-barrel oil tankers, one barge dock, and rail and truck
loading and unloading infrastructure. Its storage capacity
reaches 4.7 million barrels for crude and 2.4 million barrels
for refined products.
It also has connections to major crude oil and product
pipelines that serve 3.6 million bpd of Gulf Coast refining
capacity, more than one-fifth of total U.S. capacity.
(Reporting By Kristen Hays; Editing by Jonathan Oatis)