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Petronas To Acquire Phillips 66 Interest In Malaysian Refining Company
PETRONAS today announced it has reached an agreement with Phillips 66 Asia Ltd, a subsidiary of Phillips 66 (NYSE: PSX), to acquire its 47 percent interest in Malaysian Refining Company Sdn Bhd (“MRC”), which will result in PETRONAS wholly owning MRC.

PETRONAS’ Datuk Wan Zulkiflee Wan Ariffin, Chief Operating Officer and Executive Vice President & CEO Downstream, said, “Our acquisition of Phillips 66’s interest in MRC will enable us to realise greater synergy between our refineries in Melaka and it will also strengthen our presence in the refining and trading businesses.”

He added PETRONAS has an excellent working relationship with Phillips 66 over the years that is expected to continue.

"Phillips 66 is pleased with the agreement to sell its share of Malaysian Refining Company to PETRONAS,” said Larry Ziemba, executive vice president of Refining for Phillips 66. "This divestiture allows us to redeploy resources to more strategic areas of our business. PETRONAS has been a strong partner over the years and we value our relationship.”

Under the terms of the agreement, PETRONAS will pay USD 635 million in cash with adjustment at completion. Both parties anticipate the transaction to be completed on 31 December 2014.

MRC was commissioned in 1998 and has a refining capacity of 170,000 barrels per day. The refinery is located in Melaka, Malaysia.

Phillips 66 Acquires Major Gulf Coast Crude Oil and Refined Products Terminal
Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, has agreed to purchase a 7.1 million-barrel storage capacity terminal located near Beaumont, Texas. The Beaumont Terminal will be the largest terminal in the Phillips 66 portfolio.

DCP Midstream, Phillips 66 and Spectra Energy Announce Major NGL Pipelines in Service
DCP Midstream, Phillips 66 (NYSE: PSX) and Spectra Energy (NYSE: SE) today announced that the Sand Hills and Southern Hills natural gas liquids pipelines are in service. DCP Midstream, Phillips 66 and Spectra Energy each own a one-third interest in the pipeline entities.

Vitol To Acquire UK Power Plant From Phillips 66
Vitol Group has agreed to acquire the entire issued share capital of Phillips 66 Power Operations Ltd. which owns Immingham Combined Heat and Power plant (Immingham CHP), located in North Lincolnshire, U.K., from Phillips 66.

Phillips 66 Signs Domestic Crude Logistics Agreements to Increase Access to Secure, Advantaged Crude
As an energy manufacturing company, Phillips 66 (NYSE: PSX) is helping to shape the energy revolution in the U.S. by increasing supplies of cost-advantaged North American crude oil to its U.S. refineries. Phillips 66 has reached agreements with several logistics providers for rail loading and terminaling services and a pipeline project, all of which support a rapidly changing domestic energy landscape and energy security.

Kinder Morgan Energy Partners and Phillips 66 Agree to Deliver Eagle Ford Shale Crude to Coastal Refinery
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) and Phillips 66 (NYSE: PSX) have entered into an agreement for Kinder Morgan to transport Eagle Ford crude and condensate to Phillips 66’s Sweeny Refinery in Brazoria County, Texas. Under the agreement, KMP plans to build a 27-mile, 12-inch diameter lateral pipeline to extend its Kinder Morgan Crude Condensate (KMCC) pipeline. Kinder Morgan will provide Phillips 66 with a significant portion of the lateral pipeline’s initial 30,000 barrels per day (bpd) of capacity, which is expandable to 100,000 bpd.

Phillips 66’s E-Gas™ Technology Selected for Reliance Industries’ Gasification Project
Phillips 66 (NYSE: PSX) today announced that Reliance Industries Limited, India's largest private sector enterprise, has selected Phillips 66’s E-Gas™ Technology for its planned gasification plants at Jamnagar.