DES MOINES, Iowa (AP) — Companies building an oil pipeline from North Dakota across the Midwest into Texas say they've completed project financing and sold a share of the pipeline to another company to pay down the debt.
Energy Transfer Partners, Sunoco Logistics Partners and Phillips 66 said Tuesday they completed borrowing the remaining $2.5 billion needed to complete the Bakken Pipeline project.
The project includes the $3.7 billion Dakota Access Pipeline to carry oil from North Dakota to Illinois. A second leg, the $1 billion Energy Transfer Crude Oil Pipeline, will carry oil from Illinois to Texas terminals.
The companies say they've sold nearly 37 percent of the project to Enbridge Energy Partners and Marathon Petroleum Corp. The $2 billion cash from that deal will help pay down the project debt.