Phillips 66 to move forward with $3B in Texas investments

|About: Phillips 66 (PSX)|By:, SA News Editor

Phillips 66 (PSX) receives board approval for $3B in two new midstream growth projects, the Sweeny Fractionator One and the Freeport Liquefied Petroleum Gas Export Terminal.

Sweeny Fractionator One will be a 100K bbl/day natural gas liquids fractionator supplying NGL products to the petrochemical industry and to heating markets; PSX plans to start up the fractionator in Q3 2015.

The Freeport LPG Export Terminal will have the capacity to initially export 4.4M bbl/month of LPG when completed in mid-2015, and then will be able to ship NGLs such as propane to international petrochemical, heating and transportation markets.