June 13 (Reuters) - U.S. oil refiner Phillips 66 said on Wednesday it planned to spend up to $1.5 billion on the expansion of its natural gas liquids project in Sweeny, Texas.

The expansion includes the construction of two natural gas liquids fractionators, with a capacity of 150,000 barrel per day (bpd) each, the company said.

DCP Midstream LP said it had an option to buy up to a 30 percent stake in the fractionators. The option would be exercisable once the project is completed and has a capital investment of about $400 million..

The project, which is set to begin commercial operations in late 2020, will increase Sweeny hub's natural gas liquids refining capacity to 400,000 bpd.

(Reporting by Parikshit Mishra in Bengaluru; Editing by Shounak Dasgupta)

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