Phillips 66 announced the completion of the previously announced merger between Phillips 66 Partners (PSXP) and Phillips 66, according to Hydrocarbonprocessing.
The merger resulted in Phillips 66 acquiring all limited partnership interests in PSXP not already owned by Phillips 66 and its affiliates. Partnership unitholders received 0.50 shares of PSX common stock for each outstanding PSXP common unit, including preferred units that were converted into common units at a premium prior to closing.
Effective March 9, 2022, PSXP’s common units will no longer be publicly traded on the New York Stock Exchange.
As MRC reported previously, US Refiner Phillips 66 said on 30 September, 2021, it would cut greenhouse gas emissions by 30% from its operations by 2030, amid mounting pressure on the industry to join the fight against climate change and cut carbon emissions by mid-century.
We remind that US-based Phillips 66 remains open to developing another ethane cracker for its Chevron Phillips Chemical (CP Chem) joint venture, the refiner's CEO said in March 2018.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,487,450 tonnes in 2021, up by 13% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market totalled 1,494.280 tonnes, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whreas.shipments of PP random copolymers decreased significantly.
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,100 employees committed to safety and operating excellence. Phillips 66 had USD56 billion of assets as of Sept. 30, 2021.
MRC