... Bakken Pipeline Joint Venture Partners Complete Project Financing

Bakken Pipeline Joint Venture Partners Complete Project Financing

Energy Transfer Partners LP, Sunoco Logistics Partners LP and Phillips 66 have completed the project-level financing of the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects (collectively the Bakken Pipeline System). The $2.5 billion facility is anticipated to provide substantially all of the remaining capital necessary to complete the projects.

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Energy_Transfer_Logo_revise_(2)The project-level financing was executed with a syndicate of financial institutions on a limited recourse basis in accordance with certain guaranties. Mainline construction of the Bakken Pipeline commenced on May 16, and it is expected to be ready for service by the end of 2016.

RELATED: Enbridge, Marathon to Pay $2B for Stake in Bakken Pipeline System

Sunoco-Log-LogoThrough wholly owned subsidiaries, Bakken Holdings Co. LLC owns a 75 percent membership interest in each of Dakota Access LLC and Energy Transfer Crude Oil Co. LLC, the entities responsible for developing, owning and operating the Bakken Pipeline. The remaining 25 percent of each of Dakota Access and Energy Transfer Crude Oil Co. is owned by wholly owned subsidiaries of PSX. Bakken Holdings Co. LLC is owned 60 percent by a wholly owned subsidiary of Energy Transfer Partners and 40 percent by a wholly owned subsidiary of Sunoco Logistics.

P66_flat_R_4CThe Dakota Access Pipeline is expected to deliver in excess of 470,000 barrels per day (bpd) of crude oil from the Bakken/Three Forks production area in North Dakota to market centers in the Midwest. The pipeline will provide shippers with access to Midwestern refineries, unit-train rail loading facilities to enable deliveries to East Coast refineries and the Gulf Coast market through an interconnection in Patoka, Illinois, with Energy Transfer Crude Oil Pipeline, which will provide crude oil transportation service from the Midwest to the Sunoco Logistics Partners and Phillips 66 storage terminals located in Nederland, Texas.

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