Phillips 66 Partners closes Bakken joint venture agreements

The joint ventures between Phillips 66 Partners LP (NYSE: PSXP) and Paradigm Energy Partners to develop midstream logistics infrastructure in the Bakken region have been formed and governance agreements completed.

Under the agreements, a wholly owned subsidiary of Phillips 66 Partners holds a 70% ownership interest in the joint venture developing the Palermo rail terminal; a 50% ownership interest in the joint venture constructing a crude oil storage and central delivery point facility in Keene, North Dakota; and, through the 50% joint venture, a 44% ownership interest in the Sacagawea pipeline.

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