Conoco and Phillips 66 merger approval may be near

Wednesday, June 26th 2002, 12:00 am
By: News On 6

(Oklahoma City-AP) -- The nearly 15-and-a-half (b) billion dollar merger of Bartlesville-based Phillips Petroleum and Houston-based Conoco may be near final approval.

Federal Trade Commission chairman Timothy Muris says regulators are close to finishing their investigation of the proposed merger.

Phillips and Conoco are each selling a small refinery. Phillips is selling a refinery in Utah and the 22 gas station-convenience stores that get supplies from the refinery. Conoco is selling a refinery in Colorado.

Following the merger the new company will be known as ConocoPhillips and will be headquartered in Houston.