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Phillips 66 mulls new isomerization unit, fractionation capacity
HOUSTON, April 28, 2017 (PCW) – Phillips 66 on Friday announced it was developing a new 25,000 b/d isomerization unit at its Lake Charles refinery.
Final approval for the $200 million project is expected in the first half of 2018.
Additionally the company said it is looking at building additional fractionation capacity at its Sweeny complex or other sites along the Gulf Coast, due to robust utilization rates at its Freeport LPG export terminal. P66 expects to make a final investment decision on that project later this year, company executives said Friday.
The 150,000 b/d export terminal, which became fully operational in December, operated at its full design capacity in the first quarter, supplying customers in Europe, Latin America and Asia.
P66 reported 1Q net income of $535 million, up from $385 million during the year-ago period, due to gains from the consolidation of a petroleum coking venture and an impairment taken by an equity affiliate.
The chemicals segment saw 1Q earnings of $181 million, up from $136 million in 4Q 2016, due to improved margins and lower operating costs. The midstream sector reported 1Q earnings of $77 million, compared to a $1 million loss in 4Q 2016, on higher earnings from the Freeport terminal and seasonally lower maintenance costs. -- Samantha Hartke