HOUSTON (AP) — Phillips 66 plans to build a new terminal in Texas to export liquefied petroleum gas in order to meet growing international demand for U.S.-made butane and propane.
The oil refiner and chemicals company said Thursday that the terminal is in the design phase and final approval is expected early next year. It expects the terminal to be operating by the middle of 2016 and be able to export 4.4 million barrels of liquefied petroleum gas per month.
The terminal will be built on its existing site in Freeport, Texas. The liquefied petroleum gas will be supplied from its Old Ocean, Texas, complex.
The Freeport LPG export terminal would be supplied with LPG from the Mont Belvieu area and from Phillips 66's Sweeny complex at Old Ocean, Texas, including its recently announced Sweeny Fractionator One, which is expected to start up by the second half of 2015.
Shares of Houston-based Phillips 66 fell 58 cents to $64.65 in afternoon trading Wednesday.