Harvest Midstream will buy the Belle Chasse terminal in Louisiana from U.S. refiner Phillips 66 , the privately held company said on Dec. 21, a move that will boost its existing regional crude pipeline systems.
The financial terms of the deal were not disclosed.
Phillips 66 had unveiled its plans in November last year to convert the 50-year-old facility, formerly known as Alliance refinery, into an oil and refined products terminal after the refinery was idled due to severe damage from Hurricane Ida.
The conversion allowed the 255,600 bbl/d refinery to take advantage of its position on the Mississippi River, 20 miles (32.19 km) south of New Orleans.
The facility sits on about 3,200 acres and has 1 MMbbl of active storage capacity, with two docks to load crude oil, Harvest said on Dec. 21.
Phillips 66's shares rose 1.3% to $103.98 in premarket trading.
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