Phillips 66 Joins Energy Transfer's Bakken Pipeline Project

Phillips 66 said on Tuesday it has formed a joint venture to help Energy Transfer Partners LP build a pipeline that will transport 450,000 barrels of North Dakota Bakken crude oil per day to the Midwest.

Phillips 66 will become a 25 percent partner in the Dakota Access Pipeline project, with Energy Transfer holding the rest.

The companies will also partner on the Energy Transfer Crude Oil Pipeline project, which will connect Midwest storage hubs to Texas.

Both pipelines are expected to be online by the end of 2016.

(Reporting by Ernest Scheyder; Editing by Bernadette Baum)