U.S. refiners aren’t simply shopping for crude to show into gasoline and diesel — they’re competing with producers and merchants to export it.
Marathon Petroleum Corp. and Phillips 66 — two of the three largest U.S. unbiased fuelmakers — are getting in on the shale export growth. Both are half house owners of current pipelines and new ones being constructed from the Permian Basin to the Gulf Coast.
Marathon Petroleum Corp.’s CEO Gary Heminger traveled to Singapore and South Korea two weeks in the past trying to line up potential clients for American crude, he stated in an interview on the American Fuel & Petrochemical Manufacturers convention in San Antonio.
In addition to the Gray Oak pipeline to Corpus Christi, Texas, which must be accomplished by the tip of the 12 months, Marathon has an curiosity in Capline, which will probably be reversed to hold crude from the Midwest all the way down to the New Orleans space, from the place it may be exported by way of the Louisiana Offshore Oil Port.
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Phillips 66 shipped Bakken oil from North Dakota to Mexico late final 12 months, beating out buying and selling homes and and producers to produce Petroleos Mexicanos with its first U.S. crude cargo.
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