Phillips 66 Partners Acquires Larger Interest in Explorer Pipeline
7/27/2016
Phillips 66 Partners will acquire an additional 2.5% equity interest in Explorer Pipeline Company, bringing Phillips holdings to about 22%. Explorer serves more than 70 cities in 16 states and owns 1,830 miles of pipeline transporting gasoline, diesel, fuel oil and jet fuel with an average flow of more than 600,000 bpd.
The terms of the acquisition were approved by the board of directors of the general partner, and is expected to close in August 2016. Terms of the agreement are not being disclosed.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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