WASHINGTON (dpa-AFX) - 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.'
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