• 30 mins Venezuela Officially In Default
  • 3 hours Iran Prepares To Export LNG To Boost Trade Relations
  • 5 hours Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 11 hours Saudi Oil Minister: Markets Will Not Rebalance By March
  • 16 hours Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 20 hours Rosneft Announces Completion Of World’s Longest Well
  • 22 hours Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 1 day Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 1 day Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 1 day Santos Admits It Rejected $7.2B Takeover Bid
  • 1 day U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 2 days Africa’s Richest Woman Fired From Sonangol
  • 2 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 2 days Russian Hackers Target British Energy Industry
  • 2 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 2 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 2 days Lower Oil Prices Benefit European Refiners
  • 2 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 3 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 3 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 3 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 3 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 3 days OPEC To Recruit New Members To Fight Market Imbalance
  • 3 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 3 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 4 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 4 days GE Considers Selling Baker Hughes Assets
  • 4 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 4 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 4 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 4 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 4 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 7 days The Oil Rig Drilling 10 Miles Under The Sea
  • 7 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 7 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 7 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
  • 7 days Kenya Set To Give Local Communities Greater Share Of Oil Revenues
  • 7 days Rosneft, China To Deepen Strategic Cooperation
  • 7 days New York Listing Unlikely For Aramco IPO
  • 7 days China To Invest $83B In U.S. Shale

Breaking News:

Venezuela Officially In Default

EVs Won’t Stifle Oil Demand Anytime Soon

EVs Won’t Stifle Oil Demand Anytime Soon

There will be 280 million…

New Process Makes Ethanol Sustainable

New Process Makes Ethanol Sustainable

A new breakthrough has shown…

Energy Transfer Partners LP buy Sunoco Inc. for $5.3 Billion

Energy Transfer Partners LP buy Sunoco Inc. for $5.3 Billion

Energy Transfer Partners LP, the Dallas based Fortune 500 natural gas company which owns more than 17,500 miles of natural gas pipelines, has agreed to buy Sunoco Inc. for $5.3 billion; a deal that will add oil terminals and transportation assets to its portfolio.

Darren Horowitz, an analyst at Raymond James & Associates Inc. in Houston, said that the takeover “opens the door for greater growth,” allowing Energy Transfer to meet its goal of diversifying both the extent of the company’s pipeline network and the products that it ships.

Energy Transfer will receive 4,900 Sunoco retail fuelling stations around the US, as well as a 32.4% share of Sunoco Logistics Partners LP’s 7,900 miles of oil pipelines. Last month Energy Transfer also bought Southern Union Co. for $5.4 billion, almost doubling its initial pipeline network. They intend to convert some of their new, super-sized network of natural gas pipelines into crude oil pipes because the profits in crude are far higher than those of gas.

Chairman and CEO of Energy Transfer, Kelcy Warren, stated that the “goal is to derive more of our distributable cash flow from the transportation of heavier hydrocarbons like crude oil, NGLs, and refined products.”

The deal has been approved by both boards and now just needs the approval from shareholders and regulators. It is expected to be finalised in the second half of this year.

By. Charles Kennedy of Oilprice.com

For the latest oil prices visit our homepage.



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News