Phillips 66 eyes sale of pipeline stake worth US$1bil

The Houston-based company is hoping to command a premium to the stake’s current book value of US$451mil, sources said. — Reuters

NEW YORK: US oil refiner Phillips 66 is exploring a sale of its 25% stake in the Rockies Express Pipeline that it hopes could be worth more than US$1bil, including debt, say sources.

The Rockies Express Pipeline (REX) is a 2,730km interstate natural gas pipeline, stretching from Wyoming and Colorado in west of the United States to Eastern Ohio.