Phillips 66 southeast Texas projects are an ‘option on exports’
By: Reuters | Sep 09 2015 at 11:45 AM | Maritime
HOUSTON - U.S refiner Phillips 66’s investments in storage and pipeline infrastructure in southeastern Texas give the company an “option on exports” should the decades-old domestic crude export ban be lifted, Chief Executive Officer Greg Garland told analysts on Wednesday. “I do think people will make investments to support export infrastructure and we want to do that too,” he said during a webcast presentation at the Barclays CEO Energy-Power conference in New York. Last year, Phillips 66 acquired a 7.1 million barrel crude and refined products terminal in Beaumont, Texas, that Garland said was “really an option on crude exports.” The terminal has two Aframax-capable docks and a barge dock. It also has rail and truck offloading facilities. The company also is a 25 percent partner in two Energy Transfer Partners pipeline projects that aim to move North Dakota Bakken and Canadian heavy crude to Sunoco Logistics Partners’ storage terminal in nearby Nederland by late 2016. Garland said the terminal and pipelines could participate in exports and allow Phillips 66 to load incoming Bakken crude on ships to move to its New Jersey refinery. “Having multiple options is a good thing,” he said.