Phillips 66 sells stake in Texas pipeline to $865 million
Phillips 66 announced on Monday that it will sell its 25% stake of the Gulf Coast Express pipeline, located in Texas, to an ArcLight Capital Partners affiliate for $865 millions. This puts the U.S. refiner in a position to surpass its asset sale goal. Phillips 66, despite a decline in refinery profits…
Fuel Futures: Diesel Will Spike on IMO2020
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels…
BP to Supply Crude to St. Croix Refinery
BP Plc's trading arm on Friday entered a tolling agreement with the owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, cementing plans to bring the plant back online six years after it was idled by previous owners, the company said.Under BP's tolling agreement with Limetree Bay Refining LLC…
Ex-Hess Exec to Lead Restart of Idled Caribbean Refinery
The owners of an idled oil refinery in the U.S. Virgin Islands that once ranked among the world's largest have hired a former Hess Corp executive closely acquainted with the facility to oversee its return to service.Brian Lever, who ran the former Hovensa refinery on St. Croix for Hess…
Idled St. Croix Refinery to Restart, Produce Fuels by 2020
Owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, which was once one of the world's largest refineries, plan to invest $1.4 billion to refurbish and restart a portion of the plant, they said on Monday. ArcLight Capital Partners, a private equity firm that owns 80 percent of Limetree Bay Terminals LLC…
Phillips 66 in Final Stages of Selling Ireland's only oil refinery
U.S. independent refiner Phillips 66 is in the final stages of selling the only oil refinery in Ireland, a source familiar with negotiations said on Saturday. Responding to a report on the Irish Examiner website, which said an agreement to sell the Whitegate refinery would be reached within the coming weeks, the source said a deal was "in the offing".
U.S. Energy MLPs May be Running Out of Road
Investment vehicles that funneled more than $100 billion into U.S. pipelines, storage and other facilities during the shale boom now face an existential crisis after oil tumbled so low that it upended assumptions about risks and returns they offer. Those tax-protected structures were the Holy Grail of energy investing during the upswing…
ArcLight, Freepoint to Buy Hovensa St. Croix Refinery
Boston-based private equity firm ArcLight Capital, together with commodities trader Freepoint, unveiled plans on Tuesday to buy the Hovensa refinery complex in St. Croix in the Caribbean and turn it into a massive oil storage hub. The partners also said China's Sinopec, Asia's largest oil refiner…
EQT attracts offers for Koole Terminals
Swedish buyout group EQT has received offers for its Dutch oil storage group Koole Terminals valuing the business at more than 1 billion euros ($1.1 bln), several people familiar with the deal said. The investor last week collected more than 10 tentative bids, mainly from infrastructure investors…
Total Sells North Sea Gas Pipelines
French oil major Total has agreed to sell some of its gas pipeline assets in the UK's North Sea to North Sea Midstream Partners, an affiliate of U.S.-based private equity firm ArcLight Capital, for 585 million pounds ($907 million). The sale includes the Frigg UK (FUKA) and SIRGE gas pipelines and the St.
Morgan Stanley Has Stake in Pipeline Asset
Magnum Hunter Resources Corp said it will sell a stake in its natural gas gathering subsidiary in the Marcellus and Utica shale fields, to a unit of Morgan Stanley, giving the two co-ownership in the business valued at $1 billion. Morgan Stanley Infrastructure said it would pay Magnum…
NRG Yield Will Buy Largest U.S. Wind Farm for $870 mln
NRG Yield Inc, a unit of NRG Energy Inc, said it would buy California's Alta Wind Energy Center, the largest wind farm in North America, for $870 million. The acquisition totals 947 megawatts of operating wind capacity and includes a portfolio of land leases associated with the Alta Wind facility, NRG Yield said on Wednesday.
Louisiana LNG Energy Gets Terminal Funding
Louisiana LNG Energy said on Friday it has secured funding for its natural gas liquefaction facility being developed in Louisiana, which is expected to begin operations in late 2017. The company said it has secured funds from an affiliate of ArcLight Capital Partners for the terminal…
