BP unloads stake in US pipeline unit: press
Apr 13, 2021 11:55:am
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by: Daniel Graeber
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BP unloads stake in US pipeline unit: press
Investment firm Sixth Street paid $700mn to take a minority stake in the US division of BP’s pipeline business, Bloomberg news reported April 12.
Citing a person familiar with the deal commenting on condition of anonymity, Bloomberg reported that the 49% stake for Sixth Street forms the basis of a future midstream joint venture. With its headquarters in Chicago, BP’s pipeline division owns and operates just under 7,000 km of oil and gas infrastructure, including connections to BP’s refinery in Whiting, Indiana.