Phillips 66 last week agreed to buy the 7.1 million-barrel-capacity Beaumont Terminal from Chevron subsidiary Unocal. The oil and refined products storage facility will be the largest terminal in Phillips 66’s portfolio. The acquisition is part of Phillips 66’s ongoing midstream expansion strategy. In February the company’s board of directors approved a $3 billion project that includes the construction of a new fractionator near Sweeny, Texas, and an LPG export terminal in Freeport, Texas.
The Beaumont Terminal acquisition is expected to close in the third quarter of this year.
