Energy Transfer Partners and Sunoco Logistics announced its coming sale of a $2 billion share of the Bakken Pipeline project to another company in order to pay down the debt of the project.
Energy Transfer and Sunoco Logistics will sell nearly 37 percent of their 75 percent stake to an entity jointly owned by Enbridge Energy Partners and Marathon Petroleum Corporation.
Phillips 66 owns 25 percent of the project.
Energy Transfer will continue to oversee construction while Sunoco Logistics will operate the pipeline once construction is complete.
The Bakken Pipeline, which is a collective project of the $3.7-billion Dakota Access Pipeline and the $1-billion Energy Transfer Crude Oil Pipeline, will run for 1,172 from North Dakota to Illinois and connect to an existing, but converted to crude service, pipeline that runs from Illinois to Texas. The Dakota Access Pipeline component is expected to deliver more than 470,000 barrels of crude oil per day.
Enbridge Energy said the Bakken Pipeline deal will help their market access strategy, and Marathon said the deal will be a significant step in its midstream logistics business growth.
The sale is expected to close in the third quarter of this year.