Phillips 66’s board of directors approved spending $3 billion to build a fractionator and LPG export terminal in southeast Texas, the company announced today. The project will include a 100,000-barrel-per-day NGL fractionator near Phillips 66’s Sweeny refinery and a 4.4 million-barrel-per-month export facility near the company’s Freeport marine terminal. Phillips 66 has already commenced site preparation and ordered critical equipment for the fractionator, which is expected to start up in the third quarter of 2015. The export terminal is in the permitting phase.
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