Phillips 66 has agreed to sell a 25% stake in a new NGLs fractionator at its Sweeny refinery in Old Ocean, Texas, to Phillips 66 Partners for $236 million. The 100,000-barrel-per-day fractionator began operations in December. The transaction also includes an interest in the nearby Clemens Caverns storage facility, which has approximately 7.5 million barrels of storage capacity between five caverns.
Phillips 66 Partners — a midstream master limited partnership formed by Phillips 66 — has acquired more than $2 billion in pipeline, storage and transportation assets from Phillips 66 since 2014.
MORE MIDSTREAM NEWS: Williams' Transco pipeline to serve Texas LNG export terminals
