ConocoPhillips Idling Three Products Terminals in N.J., PA.-cnbnews.net
Wednesday, September 28, 2011
September 27, 2011 [OPIS] - ConocoPhillips is in the process of idling a few oil products terminals in Pennsylvania and New Jersey, in conjunction with the mothballing plan of its 185,000-b/d Trainer, Pa., refinery, a company spokeswoman told OPIS on Tuesday.
ConocoPhillips will idle its Philadelphia G Street oil terminal, a second terminal at Chelsea, Pa., a Woodbury, N.J., tank farm and east line pipeline.
The oil major is looking for buyers for those midstream assets.
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The shutdown of these terminals should allow other competing regional terminals to sell more rack volumes.
In addition, ConocoPhillips is looking for a buyer for its 33.3% stake in the Harbor oil products pipeline, the spokeswoman said. The Harbor pipeline is an 80-mile, 180,000-b/d refined product, common carrier pipeline originating near Woodbury, N.J., and terminating in Linden, N.J.
This pipeline stake in New Jersey may appeal to Sunoco Logistics, which owns the majority share in that asset.