Phillips 66 Partners to buy assets worth $700 mln from Phillips 66

Reuters

Feb 13 (Reuters) - Phillips 66 Partners LP said it would buy a 681-mile (423 kilometer) refined products pipeline system and two refinery-grade propylene storage systems from Phillips 66 for $700 million.

Phillips 66 Partners, formed by Phillips 66 as a master limited partnership, will now operate the 132,000 barrels-per-day Gold Line System that runs from a Phillips 66-operated refinery in Borger, Texas to Cahokia, Illinois.

The storage systems, located in Medford, Oklahoma, have a total working capacity of 70,000 barrels and are scheduled to start operating from March 1.

This is Phillips 66 Partners' first acquisition since it went public in July.

Phillips 66 Partners shares were up 1.6 percent at $41.50 while Phillips 66 shares were up 1.9 percent at $74.66 in afternoon trading on the New York Stock Exchange.

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