Phillips 66 Partners has announced it has added a sixth pipeline joint venture to its operations portfolio, with the purchase of a 50 per cent interest in the Liberty Pipeline. 

The MLP has announced it will pay $75 million to Houston-based Phillips 66 for one-half of the $1.6 billion Liberty in a transaction expected to close on March 1, 2020. 

The 50/50 JV is shared with Wyoming-based Bridger Pipeline. “Phillips 66 formed its MLP in 2013 to own, operate, develop and acquire primarily fee-based crude oil, refined products and NGL pipelines, terminals, and other midstream assets”, it said in a statement. 

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2nd March 2020