Phillips 66 to start midstream projects in Texas

The US oil and refining company, Phillips 66, has announced that it will be starting two midstream projects in Brazoria County, Texas, in an effort to move away from producing refined products and focus more on energy transportation and processing infrastructure.
The board-approved projects are reportedly worth $3 billion and are expected to form the backbone of Phillips 66’s operations. It is estimated that approximately 50 permanent jobs will be created as result. The first project will be a liquefied petroleum gas export terminal, which is already planned to ship 4.4 million barrels of product per month by 2016. The second project will be a new fractionation facility that will process 100,000 barrels of natural gas liquids each day in 2015. It will also produce chemicals commonly used in plastics.
Dean Acosta, Phillips 66 spokesman, has reported that almost 70 percent of the company’s budget this year will be used in midstream operations. This is in part due to the natural gas revolution that has been taking place over the last several years. 

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