Oct 11 Phillips 66 Partners LP said on
Tuesday it would buy some pipelines and terminals from parent
Phillips 66 for $1.3 billion.
The deal, the largest so-called "dropdown" from Phillips 66
to the unit, includes assets supporting Phillips 66's refineries
in Bayway, New Jersey; Billings, Montana; Borger, Texas, and
Ponca City, Oklahoma, Phillips 66 Partners LP said.
Houston, Texas-based Phillips 66 Partners is the master
limited partnership formed by Phillips 66 to acquire and operate
The deal is for 30 assets, which include crude pipelines,
refined products and natural gas liquids pipelines and terminal
systems, the company said.
Phillips 66 will also enter into a 10-year terminaling and
throughput agreements that will include minimum volume
commitments covering about 85 percent of expected volumes.
The deal is expected to close this month, Phillips 66
Phillips 66 Partners plans to fund the deal with debt and
$196 million in new units issued to Phillips 66.
(Reporting by Arathy S Nair in Bengaluru; Editing by Maju