Phillips 66 says court supports 2009 takeover from PDVSA

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

Phillips 66 (PSX) says the International Chamber of Commerce’s Court of Arbitration has upheld its right to acquire a 50% stake in facilities at its Sweeny Refinery in Texas from PDVSA.

Certain defaults by PDVSA with respect to supply of crude oil to the Sweeny refinery triggered the right to acquire PDVSA’s ownership interest, PSX says.

The partnership owns a 70K bbl/day delayed coker and related facilities at the refinery.