The Globe and Mail reports in its Thursday, Aug. 4, edition that a unit of Enbridge ($40.56) and Marathon
Petroleum have
agreed to pay a combined $2-billion in cash for an interest in the
Bakken pipeline system from an
affiliate of Energy Transfer Partners
LP and Sunoco Logistics
Partners LP (all figures U.S.).
A Bloomberg dispatch to The Globe reports that Enbridge Energy Partners LP is
forming a joint venture with Marathon Petroleum
to acquire a 49-per-cent interest
in the holding company
that owns 75 per cent of the pipeline
network, the companies said
in separate statements.
The Enbridge unit said it is paying
$1.5-billion for its share in the
deal, while Marathon Petroleum said it will
come in with $500-million.
The deal gives Enbridge the
ability to move shale oil from the
Bakken to refineries along the
United States Gulf Coast, through connections
to its mainline. Enbridge
will seek to set joint tolls to the
gulf.
The Bakken pipeline system
consists of the Dakota Access
pipeline and Energy Transfer
crude oil pipeline. Dakota Access
will run from western North
Dakota to Patoka, Ill., and the
Energy Transfer line from Patoka
to Nederland, Tex.
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