Remaining shares available in the Cactus II pipeline project have been acquired by Enbridge and Plains All American Pipeline. The transaction was valued at US$265m.
The stakes have been bought from Western Midstream Partners, with Enbridge acquiring 10% of Cactus II and Plains holding 5%.
The deal establishes Enbridge and Plains as the sole owners of the pipeline (each with 70% and 30% ownership, respectively). Plains remains as its operator.
Cactus II runs from the Delaware Basin, Texas, to Corpus Christi, further connecting to Ingleside. With 26 inches of diameter, it has a daily capacity of 670,00 barrels of oil.
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