Energy Transfer, Sunoco Logistics in $2 Billion Pipeline Stake Sale
August 02 2016 - 09:05PM
Dow Jones News
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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