The acquisition of major gulf coast crude oil and refined products terminal would provide Phillips 66with significant expansion opportunities to serve growing Gulf Coast logistics and storage market.
Phillips 66 president Tim Taylor said that the acquisition supports the company’s midstream growth strategy.
"Given our expectations for increasing volumes of North American crude oil movements into the Gulf Coast region and growth in refined product exports, the Beaumont Terminal is well positioned to serve this growing market while providing significant expansion potential," Taylor added.
Located strategically on the US Gulf Coast, the Beaumont terminal provides deep-water access and multiple interconnections with major crude oil and refined product pipelines while serving 3.6 million barrels per day of refining capacity.
Featuring 4.7 million barrels of crude oil storage capacity and 2.4 million barrels of refined product storage capacity, the terminal has two marine docks capable of handling Aframax tankers and one barge dock as well as rail and truck loading and unloading facilities.
Currently, the Beaumont terminal is owned by UNOCAL, a member of the Chevron Group.
Following receipt of regulatory approvals, the transaction is likely to be closed in the third quarter of 2014.
