Energy Transfer Partners, L.P. will sell 36.75% of the Bakken Pipeline Project to Marathon and Enbridge.
Related: State of Emergency over Pipeline
Marathon Petroleum Corporation and Canada based Enbridge Energy Partners, L.P. will purchase a minority share of the Dakota Access Pipeline (DAPL) and the Energy Transfer Crude Oil Pipeline through its jointly-owned MarEn Bakken.
The $2 billion deal is expected to close in the third quarter of the year. When complete, Energy Transfer and Sunoco will own 38.25% of the DAPL and Phillips 66 will continue to own 25%.
Just last week North Dakota Gov. Jack Dalrymple took action against the mounting protests in his state over the pipeline by issuing an emergency declaration for southwest and south central North Dakota. Demonstrators are concerned over the proposed 1,172-mile pipeline designed to connect the Bakken and Three Forks production areas to Patoka, Illinois, transporting approximately 470,000 barrels of crude per day.
Concerns range from how the pipeline will degrade topsoil to contamination of the river, which is primary source of water for the Standing Rock Sioux tribe. Supporters believe that more pipelines are needed in order to reduce the high use of rail and truck transportation to move the highly flammable Bakken crude oil.