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Thursday, December 13, 2012

Phillips considers sale of Irish, Malaysian refining stakes, (NYSE: PSX)

Phillips 66, a major oil refiner, will likely look to sell its 71,000 barrel per day Whitegate refinery in Cork, Ireland, and its stake in the 200,000 bpd Melaka refinery in Malaysia, Chief Executive Officer Greg Garland told reporters on Thursday. Garland said the refining assets are not core to the company's business plans.Phillips plans to retain stakes in the refineries it owns in the United Kingdom and Central Europe, Garland said at a luncheon."We don't envision growing in the Asian refining space," Garland said, adding that Phillips plants in the UK and Germany remain core to the U.S.-based company's operations.

Phillips 66 is a holding company. The Company is engaged in producing natural gas liquids (NGL) and petrochemicals. Shares of PSX fell by 3.05% or $-1.62/share to $51.43. In the past year, the shares have traded as low as $28.75 and as high as $54.32. On average, 4392510 shares of PSX exchange hands on a given day and today's volume is recorded at 4318848.