June 5, 2014 / 9:46 PM / in 4 years

Phillips 66 acquires Gulf Coast crude, products terminal

HOUSTON, June 5 (Reuters) - 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 potential.

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)

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