#ConocoPhillips newly launched downstream spinoff #Phillips66 to hit S&P 500

Global giant, ConocoPhillips will be launching its newest refining company called Phillips 66 thus expanding the group into more strategic and diversified operations in the chemical and midstream sectors. This fledgling company will be an independent downstream company with a “consumer-facing marketing” function. It will also replace Supervalu in Standard & Poor’s 500-stock index at the end of the month. The Main ConocoPhillips group will then refocus on its next E&P initiatives.

This is yet another demonstrated move by refiners to expand their capabilities from conventional oil and gas manufacturing to the chemical refining sector as well.

See previous blogs on strategic diversification:

PdVSA/PetroChina JV
Petronas/BASF JV for RAPID

Join the top regional and global refining executives at Asia Refining Congress who will be discussing partnership models, the expansion of Asia as a refining hub and new opportunities for projects in the regional sphere. Refining and JV leaders from Shell, Petrobras, Chevron and Reliance will be in attendance. Contact Alison Hazell at alison.hazell@terrapinn.com and +65 6322 2331 for information about speakers and the agenda.

Event Info:

Asia Refining Congress 2012
17 September, 2012
Marina Bay Sands Convention Centre, Singapore