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Phillips 66 Signs 3 Pacts to Raise Supplies of North American Crude Oil

Phillips 66 (PSX) reached agreements with Enbridge Energy Partners L.P. (EEP), Targa Resources Partners LP (NGLS) and Magellan Midstream Partners L.P. (MMP) for rail loading and terminaling services and a pipeline project, a move the energy company said will increase supplies of cost-advantaged North American crude oil to its U.S. refineries."We are aggressively pursuing increased access to advantaged crudes in North America by partnering with leading third-party transportation providers and better leveraging our own system capabilities," Chief Executive Greg Garland said. "Increasing our utilization of those advantaged crudes should allow us to capture significant value in our refining and marketing businesses."Under the agreements, Enbridge agreed to a three-year deal for railcar loading of Bakken shale crude at Enbridge's Berthold, N.D., terminal beginning in May, with volumes ramping up to 35,000 to 40,000 barrels a day by November. The crude oil will be delivered to Phillips 66 re...

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