Enbridge Energy Partners Closes $115 Million Acquisition of Mid-Continent Liquids System From Shell

abarrelfullabarrelfull wrote on 16 Jan 2014 15:33

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Enbridge Energy Partners, L.P. (NYSE: EEP) (the "Partnership") today closed its $115 million acquisition of the Mid-Continent Liquids System from Shell Pipeline Company LP and Shell Oil Products US (Shell) that was announced on December 22, 2003. The price was reduced from $131 million because a right of first refusal on a previously included pipeline was exercised by a third party. The price excludes customary closing adjustments for working capital and other items.

The acquired system serves refineries in the U.S. Mid-Continent from the Cushing, Oklahoma hub, which increases the Partnership's diversification since its other crude oil systems focus primarily on transporting production from western Canada. The assets included in the purchase are:

  • The 433 mile Ozark pipeline that currently transports 170,000 barrels of crude oil per day from Cushing to Wood River, Illinois;
  • The 47 mile West Tulsa pipeline that currently transports 55,000 barrels per day to two refineries in Oklahoma;
  • The Shell storage terminal at Cushing, which is one of the largest terminal facilities in North America with 8.3 million barrels of storage capacity; and
  • The El Dorado Tank Farm that provides 1.2 million barrels of working storage for pipelines and refiners in Kansas.

A map of the Mid-Continent Liquids System is available in the About Us section of the Partnership's website at www.enbridgepartners.com .

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