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US Phillips 66 sets budget for Gulf Coast petchem project

by ChemOrbis Editorial Team - content@chemorbis.com
  • 17/12/2018 (13:11)
According to a press release, the US-producer Phillips 66 has set a $2.3 billion capital budget for 2019, focusing on integrated midstream growth projects and petrochemicals expansion opportunities on the US Gulf Coast.

In the midstream segment, the company allocated an adjusted growth capital budget of $1.4 billion, which includes a joint venture-level financing to fund a portion of the Gray Oak Pipeline construction.

The company’s midstream growth plans also include 300,000 barrels/day of additional fractionation capacity at the Sweeny Hub, and the ongoing expansion of the Beaumont Terminal as well as pipeline investments.

Phillips 66’s refining growth capital of $411 million is expected to be used for high-return projects to enhance the yield of higher-value products, including an upgrade of the fluid catalytic cracking (FCC) unit at the Sweeny Refinery, as well as other low-capital, quick-payout projects.

The company announced that the expected growth capital of its joint venture, CP Chem, is expected to be $290 million. The budget is planned to fund the development of a second US Gulf Coast petrochemicals project for additional ethylene and derivative capacities. The growth project also includes debottlenecking activities at existing units.
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