Exporting refined petroleum products to overseas markets will be crucial for the refining industry's future, said Phillips 66 Chairman and CEO Greg Garland. U.S. demand for refined products is going to decline, but increasing South American and African demand will cover that drop, Garland said, adding that his company is well-positioned. "We have a good geographic footprint. Twenty-one percent is mid-continent, and 33% is on the Gulf Coast. That's right in the heart of the fairway of where all the actions going to be," he added.
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