Phillips 66 Partners LP will buy more assets from Phillips 66 for $2.4 billion, the Houston-based companies announced Sept. 22.Cheaper to buy than to build?
The deal is expected to close in early October, and it's the largest acquisition the master limited partnership has made in its four-year history. Prior to this deal, the MLP’s largest was a $1.3 billion drop-down announced last October.
Phillips 66 is dropping down its 25 percent interest in both Dakota Access LLC and Energy Transfer Crude Oil Company LLC — Bakken Pipeline joint ventures — and its 100 percent interest in Merey Sweeny LP, which owns fuel-grade processing units at the Phillips 66 Sweeny Refinery.
Polish coal oversupply turns to shortage.
Poland is facing a coal shortage before the heating season, which will test the government's long-term strategy of domestic coal dependency for power generation.
Polish coal producers may have gone too far in their efforts to redress production oversupply in 2012-16. They have reduced output capacity to a point where the government is concerned that production will not be able to satisfy domestic coal demand in the coming months.
Polish thermal and coking coal output in January-July fell by 5pc on the year to 38mn t, data from national statistics office GUS show. Falling supplies pushed stocks of unsold thermal coal below 1.5mn t in June last year, which was the lowest level since 2011. Producer stockpiles have declined, despite them mainly comprising low-calorie supply, which is usually blended with higher-quality coal.