Phillips 66 (PSX), Kinder Morgan (KMI), and HF Sinclair (DINO) said Tuesday they have reached a final investment decision to move forward with a joint venture to build the $5 billion Western Gateway Pipeline system.
The 1,300-mile system will be designed to carry 230,000 barrels of refined fuel per day from St. Louis, Missouri, and expanded Gulf Coast origin points to Arizona and California, according to a statement.
Phillips 66 will own 49.9% of the joint venture, while Kinder Morgan will hold 35.1% and HF Sinclair will own 15%, the companies said.
Construction is targeted to be completed in 2029, pending regulatory clearances, the companies added.