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Phillips 66 stikes deal to transport oil from Bakken to NJ refinery
Phillips 66 struck a five-year deal with Global Partners LP that will use the rail network of Canadian Pacific Railway Ltd to transport oil from the Bakken shale field in North Dakota to its Bayway refinery in New Jersey.Global Partners will use its rail transloading, logistics and transportation system to transport about 91 million barrels, or 50,000 barrels per day, of crude oil over period.
Oil production from the Bakken field more-than-doubled between 2011 and 2012 but connectivity from the field to refineries has not kept pace with the increased output. (Reuters)
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