Enbridge (TSX:ENB) and Houston-based Marathon Petroleum, partners in Sandpiper, recently formed a joint venture to buy a stake in the alternative Bakken Pipeline project, which would transport oil from North Dakota across the Midwest to Texas. So it plans to delay the project for at least five years.
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That pipeline is under construction and the Star Tribune says it’s expected to be finished by the end of this year, whereas construction of Sandpiper was unlikely to begin before 2019. Credit Suisse Group AG upgraded shares of Enbridge Energy Partners, L.P. from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $25.00 to $27.00 in a research report on Monday, August 1st.
While Sandpiper faced regulatory delays, Maki said, “I don’t place the blame on anyone’s doorstep”. During that time crude oil prices have slumped and production from Bakken has declined, Bloomberg notes. The investment management company now holds a total of 2,613,658 shares of North American Energy Partners (USA) which is valued at $6,534,145 after selling 461,100 shares in North American Energy Partners (USA), the firm said in a disclosure report filed with the SEC on Aug 12, 2016.North American Energy Partners (USA) makes up approximately 0.26% of Weiss Asset Management Lp’s portfolio.
Environmentalists contended Sandpiper would threaten ecologically sensitive areas.
Sept 1 Enbridge Inc, Canada’s largest pipeline company, said it will withdraw its regulatory applications pending with the Minnesota Public Utilities Commission for the Sandpiper Pipeline Project.
Enbridge Energy Partners, L.P.is a limited partnership that owns and operates crude oil and liquid petroleum transportation and storage assets, and natural gas gathering, treating, processing, transportation and marketing assets in the United States.
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Enbridge Energy said Thursday it has dropped its proposal to build the Sandpiper crude oil pipeline across northern Minnesota.
