Benzinga | Nov 9, 2021 11:09AM EST

Phillips 66 To Convert Alliance Refinery To Terminal Facility

Phillips 66 (NYSE:PSX) announced today it plans to convert its Alliance Refinery in Belle Chasse, La., to a terminal facility. The conversion is expected to take place in 2022.

"We made this decision after exploring several options and considering the investment needed to repair the refinery following Hurricane Ida," said Greg Garland, Chairman and CEO of Phillips 66. "Alliance's existing infrastructure and Gulf Coast location make it an attractive midstream asset. Phillips 66 will continue to be a major refiner with 12 facilities in the U.S. and Europe."

The Alliance Refinery employs approximately 500 employees and 400 contractors.

"Our decision was a difficult one, and we understand it has a profound impact on our employees, contractors and the broader Belle Chasse community," Garland said. "We will work to help them through this transition and support them as Alliance takes on a new role in our portfolio."