hasreached an agreement with sponsor Phillips66 Co. to acquire the Standish Pipeline and the remaining 75%interest in Phillips 66 Sweeny Frac LLC in a $775 million deal.
SweenyFrac LLC owns the recently completed Sweeny Fractionator One, a 100,000 barrelper day NGL fractionator located at Old Ocean, Texas. It also owns the ClemensCaverns storage facility, located approximately 15 miles southeast of Sweeny.The facility will have the ability to store 7.5 million barrels of Y-grade NGL,propane and butane.
TheStandish Pipeline carries refined petroleum products from Phillips 66's PoncaCity Refinery in Ponca City, Okla., to the partnership's North Wichita Terminalin Wichita, Kan.
Thedropdown will be funded with a combination of newly issued units to Phillips 66and the assumption of notes payable to Phillips 66. The deal is expected to closein May.