Phillips 66 PSX today announced that it has signed a five-year
contract with Global Partners LP GLP under which Global will use its
rail transloading, logistics and transportation system to deliver crude oil
from the Bakken region of North Dakota to the Phillips 66 Bayway refinery in
New Jersey. This is one of several commitments to transportation
infrastructure Phillips 66 has made that tie directly to its strategy of
delivering advantaged crude oil to the company's U.S. refineries.
The terms of the contract include a take-or-pay commitment from Phillips 66 to
receive approximately 91 million barrels of crude oil over the contract term,
which equates to approximately 50,000 barrels per day.
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