By Josh Beckerman 

Energy Transfer Partners LP and Sunoco Logistics Partners LP agreed to a $2 billion sale of a minority stake of the Bakken Pipeline Project.

The two companies and their partner Phillips 66 also announced the completion of project-level financing for the effort.

Energy Transfer and Sunoco Logistics will sell nearly half of their 75% stake to an entity jointly owned by Enbridge Energy Partners LP and Marathon Petroleum Corp.

The project will include a roughly 1,172-mile pipeline from North Dakota to Illinois, and more than 700 miles of pipeline converted to crude service from Illinois to Texas.

Energy Transfer continues to oversee construction, while Sunoco Logistics will operate the pipeline upon completion.

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

August 02, 2016 20:50 ET (00:50 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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