US$6 bln expansion underway at Phillips 66’s JV in Baytown at Cedar Bayou plant

24-Feb-16

Phillips 66’s joint venture, Chevron Phillips Chemical, is in the middle of a US$6 bln expansion in Baytown at its Cedar Bayou plant east of Houston. The joint venture has said additional expansion could follow. Apart from chemicals, Phillips 66 has grown its pipeline and terminals business. While the midstream space is currently “taking a pause” because of weak oil and gas prices, CEO Garland said at the IHS Energy CERAWeek conference, the sector is bound to rebound. He hinted that Phillips 66 could be a potential buyer of any such assets that hit the market. “I think consolidation will be the name of the game in the midstream space,” Garland said. “We think supply and demand will re-balance and North American producers will be in the best position.”