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Phillips 66 Board Okays $3 Bln. Projects To Spur Midstream Growth

Phillips 66 (PSX), an energy manufacturing and logistics company, Friday received approval from its board to move ahead with both its Sweeny Fractionator One and Freeport Liquefied Petroleum Gas (LPG) Export Terminal. The two projects represent an investment of more than $3 billion as part of the company's Midstream growth program.

"It's an extraordinary time of opportunity for our company and our industry, especially in the rapidly growing midstream space," said Tim Taylor, executive vice president, Phillips 66 Commercial, Marketing, Transportation and Business Development.

"Given the anticipated growth in natural gas liquids production, we see substantial advantages in having fractionation and export facilities on the Gulf Coast outside of Mont Belvieu. These projects allow us to maximize our existing infrastructure and will position us for further growth."

The Sweeny Fractionator One will be located in Old Ocean, Texas, close to the company's Sweeny Refinery, and will supply purity natural gas liquids (NGL) products to the petrochemical industry and heating markets. The 100,000 barrel-per-day NGL fractionator is expected to start up in the third quarter of 2015.

The Freeport LPG Export Terminal will be located at the site of the company's existing marine terminal in Freeport, Texas, and will leverage Phillips 66 midstream, transportation and storage infrastructure to supply petrochemical, heating and transportation markets globally. The terminal will have an initial export capacity of 4.4 million barrels per month, the equivalent of eight very large gas carriers, with a ship loading rate of 36,000 barrels per hour. Startup of the export terminal is expected in mid-2016.

Each of these projects will include NGL storage and additional pipelines with connectivity to market hubs in Mont Belvieu, Texas. Also included with these projects is a 100,000 barrel-per-day de-ethanizer unit that will be installed close to the Sweeny Refinery to upgrade domestic propane for export.

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