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Show Phillips 66 Oil Refinery up for sale By JAMS STUART Staff Writer WEST BOUNTIFUL After 43 years under the same ownership, Phillips Refinery is for sale. That's the word from Bob Phillips of First Boston Corporation, the company handling the property. Phillips said the Phillips 66 Company Com-pany has made the decision to put the Woods Cross Refinery and related marketing properties on the market. Phillips has retained First Boston Corporation, Corpora-tion, a Tulsa, Okla. firm, to advise the company throughout the marketing of the properties. While the facility is actually located in West Bountiful, the 'official' address is 393 S. 800 West, Woods Cross, stated a company J spokesperson. Phillips 66 acquired the refinery in 1948 as part of Wasatch Oil Company. The facility now has a processing capacity of 25,000 barrels of crude oil a day, which is eight percent of the company's U.S. refining capacity. Products manufactured at the refinery include motor fuel, diesel fuel, turbine fuel, jet fuel, natural gas liquids, fuel oil, asphalt, road oils and residential fuel gas. It is one of three domestic dom-estic Phillips refineries and serves Phillips' marketing operations in Utah, Idaho, Wyoming, Nevada and Oregon. Associated marketing assets include the Woods Cross truck loading rack, two 50 percent owned product terminals in Boise, and Burley, Idaho, and the company's 12 retail outlets in the Salt Lake City area. "A number of parties have expressed an interest in-terest in purchasing our Salt Lake City area businesses," said Charlie Bowerman, Phillips 66 Company's senior vice president for petroleum pet-roleum products. "We feel an appropriate response in this instance is to attempt to determine deter-mine a true market value for the business, which is a profitable business with good growth potential." poten-tial." First Boston Corporation indicated that Phillips 66 will consider offers through October. "At that time, if we have not received what we believe to be a fair market value for this profitable and growing business, we'll keep it and maintain it as a first class operation," said Bowerman. Phillips has no plans to market other refining or marketing properties. The company is a wholly whol-ly owned subsidiary of Phillips Petroleum Company. |