Enbridge stalls on Dakota Access purchase
DULUTH — Enbridge is giving itself some breathing room before closing on a deal to buy a stake in the contentious and stalled Dakota Access pipeline.
Enbridge Energy Partners L.P. and its joint venture partner Marathon Petroleum Corp. now have until March 31 to back out of the deal, according to a recent Securities and Exchange Commission filing. The previous deadline to terminate the sale was Dec. 31.
SEC filings show the joint venture is to pay $2 billion for a 49 percent interest in Bakken Holdings Co. LLC, a subsidiary of Energy Transfer Partners and Sunoco Logistics Partners that owns 75 percent of the Dakota Access pipeline. Phillips 66 owns the remaining 25 percent.