Even as Energy Transfer Equity, L.P. prepares to be fully operational with its $3.8 billion Dakota Access pipeline, the Dallas company has completed investing $300 million in Sunoco L.P., a firm that operates more than 1,300 convenience stores across the country.
The investment is a purchase of shares in Sunoco’s Series A Perpetual Preferred Units. The purchase was approved by ETE’s board of directors.
The deal will have an impact on the 1,345 convenience stores run by Sunoco. The company also distributes motor fuel to another 7,845 convenience stores, independent dealers, commercial customers and distributors in 30 states.
It’s nearly an in-house deal by Energy Transfer Equity which owns the general partner and 100% of the incentive distribution rights of Energy Transfer Partners and Sunoco LP.