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Phillips 66 says hiking spending 40 percent next year

Dec 6 (Reuters) - Phillips 66 said on Friday it expects capital expenditures to rise 40 percent next year to $2.7 billion as the U.S. refining company invests more in its pipeline, processing and chemicals businesses.

The company, based in Houston, said it will spend $1.4 billion on projects related to natural gas liquids and transportation, up $800 million from 2013.