Energy Transfer and Sunoco form joint venture of Permian crude businesses
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
Reuters reports that US pipeline operator Energy Transfer and fuel distributor Sunoco on Tuesday 16 July, 2024, said they would form a joint venture combining their crude oil and produced water-gathering assets in the Permian Basin.
Dallas-based Sunoco is an affiliate of Energy Transfer, which billionaire Kelcy Warren controls.
The joint venture, formed on July 1, is expected to be immediately accretive to distributable cash flow for both Energy Transfer and Sunoco.
It will operate more than 5000 miles of crude oil and water gathering pipelines with crude oil storage capacity exceeding 11 million barrels.
Energy Transfer will hold a 67.5% interest in the joint venture, with Sunoco holding the remaining 32.5%.
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World Pipelines’ July 2024 issue
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Read the article online at: https://www.worldpipelines.com/contracts-and-tenders/17072024/energy-transfer-and-sunoco-form-joint-venture-of-permian-crude-businesses/
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