Phillips 66 Completes Sale Of Interest In Germany, Austria Retail Marketing Business

(RTTNews) - Phillips 66 (PSX) has closed the sale of a 65 percent interest in its Germany and Austria retail marketing business to a consortium owned by subsidiaries of Energy Equation Partners and Stonepeak. Phillips 66 will retain a 35 percent non-operated interest in the new joint venture company which will hold the retail marketing business. At closing, Phillips 66 received approximately 1.5 billion euros in pre-tax proceeds.

Mark Lashier, chairman and CEO of Phillips 66, said: "This transaction strengthens the balance sheet and optimizes our portfolio by monetizing non-core assets at attractive valuations."