MPLX acquires stake in Dakota Access Pipeline

Ohio-based MPLX has closed on its acquisition of a partial interest in the Dakota Access Pipeline through a joint venture with Enbridge Energy Partners, LP, reports the Youngstown Business Journal. The newspaper says MPLX, an affiliate of Marathon Petroleum Corp., contributed $500 million toward the $2 billion purchase price paid by the joint venture to Energy Transfer Partners L.P. and Sunoco Logistics Partners L.P. The pipeline project is designed to carry crude oil from North Dakota’s Bakken shale region to Illinois, where the pipeline connects to existing networks to transport oil as far south as Texas. For more, read the full story.

National, Ohio