By the OGJ Online Staff
HOUSTON, June 4 -- Phillips Petroleum Co. has begun offering a sulfur credits clearinghouse to refiners, the company announced Monday.
The US Environmental Protection Agency has issued regulations that require refiners to begin production of low-sulfur gasoline by 2004. The phase-in program allows refiners some flexibility in gasoline sulfur production levels.
Refiners already producing low-sulfur gasoline can generate early credits for internal use or external sale. Later on, producing gasoline below established standards will also generate credits.
The Phillips service connects refiners with excess sulfur credits with those in need.
Phillips said the clearinghouse simplifies credit trading, optimizes capital spending, monetizes refinery credits, and provides importers access to credits to meet EPA regulations for imported gasoline.
