30 January 2013 21:02 [Source: ICIS news]
HOUSTON (ICIS)--US refiner Phillips 66 has stopped importing light sweet crude to the Gulf coast region, the company’s CEO said on Wednesday.
Phillips 66 has been able to replace the imports of light sweet crude with cheaper inland crude in the productive shale plays, Phillips 66’s CEO Greg Garland said during the company’s Q4 results conference call.
“We completely backed out imports of US light sweet crude in the Gulf coast, but we are also taking additional steps to enhance our returns,” Garland said. “We’re going to remain very disciplined in our approach to capital spending. We’ll continue to reduce cost, we’ll push yields and we’ll continue to increase our export ability.”
In January, Phillips 66 entered into a five-year transportation logistics contract to move 90m bbl of Bakken crude oil to its 238,000 bbl/day Bayway refinery in Linden, New Jersey.
According to Garland, the agreement “provides a reliable, long-term alternative to more expensive Brent-priced crudes.”
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