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Phillips 66 Seeks To Expand Midstream Business With Proposed LPG Export Terminal To Supply Global Markets

Phillips 66 (NYSE:PSX), an integrated energy manufacturing and logistics company, plans to develop a liquefied petroleum gas (LPG) export terminal in Freeport, Texas. The new terminal is intended to help meet growing global market demand for U.S.-supplied products.

“We are looking at a rapidly changing energy landscape that presents excellent opportunities in the natural gas liquids (NGL) piece of our Midstream business,” said Tim Taylor, executive vice president, Phillips 66 Commercial, Marketing, Transportation and Business Development. “A liquefied petroleum gas terminal downstream of our Sweeny complex supports our growth strategy in Midstream and builds on our strong record of operating excellence, and there are attractive markets outside of the United States for products like butane and propane.”

The proposed LPG export terminal would provide 4.4 million barrels per month of LPG export capacity, the equivalent of eight very large gas carriers (VLGC). It would be located at the site of the company’s existing marine terminal in Freeport and utilize existing Phillips 66 midstream, transportation and storage infrastructure to supply petrochemical, heating and transportation markets globally.

Phillips 66 is the only independent energy company with leading segments in midstream, chemicals, refining and marketing and specialties. Its Midstream segment transports crude oil, refined products, natural gas and NGL. It also gathers natural gas and NGL, and through its midstream NGL business processes these feedstocks to power businesses, heat homes and provide raw materials to the petrochemical industry. Phillips 66 owns fractionation capacity at Gulf Coast Fractionators (GCF) and the Enterprise Mont Belvieu Fractionator in Texas, as well as the Conway Fractionator in Kansas. Phillips 66 is the operator of the GCF facility.

The Freeport LPG export terminal would be supplied with LPG from the Mont Belvieu area and from Phillips 66’s Sweeny complex at Old Ocean, Texas, including its recently announced Sweeny Fractionator One, which is expected to start up by the second half of 2015.

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