BRIEF-Enbridge - Enbridge Energy Partners L.P and Marathon Petroleum form new JV

Thu Sep 1, 2016 10:42am EDT
 
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Sept 1 (Reuters) - Enbridge

* Enbridge Energy Partners, L.P. and co announced today that EEP and Marathon Petroleum Corporation have formed a new joint venture

* JV entered into an agreement to acquire a 49 percent equity interest in holding company that owns 75 percent of the Bakken pipeline system

* Bakken pipeline system purchased from an affiliate of Energy Transfer Partners, L.P. and Sunoco Logistics Partners L.P.

* EEP, Marathon Petroleum would indirectly hold 75 percent and 25 percent, respectively, of JV's 49 percent interest in holding co of Bakken pipeline

* Purchase price of EEP's effective 27.6 percent interest in the system is US$1.5 billion

* Purchased system consists of the Dakota Access Pipeline ("DAPL") and the Energy Transfer Crude Oil Pipeline ("ETCO") projects Source - bit.ly/2c3LdT7