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Phillips 66 Pursuing Development of Fractionator

Tue, 04/02/2013 - 10:37am

HOUSTON (AP) — Refining and pipeline company Phillips 66 is pursuing development of a 100,000 barrel-per-day natural gas liquids fractionator in Texas.

Phillips 66 said Tuesday that the fractionator would be located in Old Ocean, not far from its Sweeny refinery. The project is currently in the engineering design phase, with Phillips 66 in the process of filing all applicable permits.

The Houston company said that if the project is approved, construction is anticipated to start during the first half of 2014. The fractionator's startup is expected by 2015's second half.

Phillips 66 said that the project would create more than 25 full-time jobs and hundreds of temporary construction jobs.

Its shares rose 52 cents to $69.88 in premarket trading Tuesday. Its shares are near the high end of their 52-week range of $28.75 set last May and $70.52 set on March 28.

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