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By Reuters
(Reuters) – Phillips 66, Kinder Morgan and HF Sinclair said on Tuesday they have finalized a joint venture agreement and decided to proceed with the proposed $5 billion Western Gateway Pipeline system.
Phillips 66 will own 49.9% of the joint venture, Kinder Morgan 35.1% and HF Sinclair 15%, they added.
Companies have been racing to build a major new fuel pipeline to the U.S. West Coast ahead of planned refinery closures in California, a relatively isolated fuel market with limited pipeline links to major refining hubs that leave it vulnerable to supply disruptions and price spikes.
The project is expected to be completed in 2029.
Reporting by Pooja Menon in Bengaluru; Editing by Jonathan Ananda
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