April 9, 2012 / 4:41 PM / 7 years ago

UPDATE 1-Conoco spinoff's CEO has no comment on Trainer sale

NEW YORK, April 9 (Reuters) - The chief executive of Phillips 66, ConocoPhillips’ newly minted downstream spinoff, said he will not comment on negotiations for the sale of its 185,000 barrel per day refinery in Trainer, Pennsylvania.

CEO Greg Garland told analysts at the company’s inaugural conference call that Phillips 66 will continue ConocoPhillips’ tradition of not to commenting on commercial negotiations.

The final split between ConocoPhillips and Phillips 66 was approved by the board and will formally take place on May 1.

Garland said Phillips 66 will continue to shore up its refining portfolio and there may be other actions affecting its portfolio, in addition to the two refineries up for sale - Trainer and Alliance in Louisiana.

Sources familiar with the sales process said Delta Airlines is considering a bid for the Trainer refinery, idled at the end of September 2011, and is in “very critical” negotiations with ConocoPhillips.

Trainer, one of three East Coast refineries to be idled or sold in a 12-mile region outside Philadelphia, is configured to produce a higher than normal yield of jet fuel.

It accounts for a third of the total jet-kerosene capacity on the East Coast, according to government data. Delta is the largest international carrier at John F. Kennedy International Airport in New York, and jet fuel is nearly a third of an airline’s costs. (Reporting By Janet McGurty; Editing by Richard Chang)

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