May 19, 2020 / 2:16 PM / 8 days ago

Phillips 66 to raise rates for Gray Oak crude pipeline in Texas

NEW YORK, May 19 (Reuters) - Phillips 66 Partners LP proposed raising tariff rates on its 900,000-barrel-per-day (bpd) Gray Oak crude oil pipeline in Texas, according to a filing on Tuesday.

* The company will increase all committed rates on the roughly 900,000 barrel-per-day line by 2% per year, the filing with the Federal Energy Regulatory Commission (FERC) said. Uncommitted rates would be assessed separately and would amount to increases of around 2%.

* The uncommitted rates will be increased by the FERC index factor, while the committed rates have a contractual inflation adjustment factor.

* The rates are set to take effect by July 1.

* The Gray Oak pipeline is one of the biggest new pipelines connecting the Permian basin, the nation’s largest oil field, to the U.S. Gulf Coast.

* It became fully operational last month after a segment was added in the Eagle Ford, Texas, shale region, completing the project. (Reporting by Laila Kearney and Devika Krishna Kumar in New York; editing by Jonathan Oatis)

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