Oil report

UPDATE 1-Harvest to buy storm-hit refinery-turned-terminal from Phillips 66

(Adds background, shares)

Dec 21 (Reuters) - Harvest Midstream will buy the Belle Chasse terminal in Louisiana from U.S. refiner Phillips 66 , the privately held company said on Wednesday, a move that will boost its existing regional crude pipeline systems.

The financial terms of the deal were not disclosed.

Phillips 66 had unveiled its plans in November last year to convert the 50-year-old facility, formerly known as Alliance refinery, into an oil and refined products terminal after the refinery was idled due to severe damage from Hurricane Ida.

The conversion allowed the 255,600 barrel-per-day refinery to take advantage of its position on the Mississippi River, 20 miles (32.19 km) south of New Orleans.

The facility sits on about 3,200 acres and has 1 million barrels of active storage capacity, with two docks to load crude oil, Harvest said on Wednesday.

Phillips 66’s shares rose 1.3% to $103.98 in premarket trading. (Reporting by Ruhi Soni in Bengaluru; Editing by Shailesh Kuber)