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MPLX buys interest in pipeline system

MPLX, Marathon Petroleum Corp.’s energy and logistics subsidiary, on Wednesday closed its deal to form a joint venture with Houston-based Enbridge Energy Partners to buy an interest in the Bakken Pipeline system.

MPLX contributed $500 million of the $2 billion purchase price paid by the joint venture to acquire a 36.75 percent indirect equity interest in the Bakken Pipeline system from Dallas-based Energy Transfer Partners and Pennsylvania-based Sunoco Logistics Partners.

MPLX holds, through a subsidiary, a 25 percent interest in the joint venture, which equates to about a 9.2 percent indirect equity interest in the Bakken Pipeline system.

MPLX funded the contribution with cash on hand.



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