Enbridge to Acquire ConocoPhillips's Interest in Seaway Crude Pipeline System for US$1.15 billion

abarrelfullabarrelfull wrote on 16 Nov 2011 14:38
Tags: conoco enbridge pipeline usa

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Enbridge Inc. (TSX:ENB) (NYSE:ENB) announced today that it has entered into an agreement to acquire ConocoPhillips' (NYSE: COP) 50 per cent interest in the Seaway Crude Pipeline System for US$1.15 billion. On closing, Enbridge will become joint owner of the pipeline with Enterprise Products Partners L.P. (NYSE: EPD) ("Enterprise"). Enterprise will continue to operate the pipeline system and storage facilities.

"The Seaway Pipeline is a key strategic asset in the US Gulf Coast and an excellent fit with Enbridge's existing pipeline system," said Patrick D. Daniel, President and Chief Executive Officer, Enbridge Inc.

The 670-mile (1,078-kilometer) Seaway Crude Pipeline System (SCPS) includes the 500-mile (805-kilometer), 30-inch diameter Freeport, Texas to Cushing, Oklahoma long-haul system, as well as the Texas City Terminal and Distribution System which serves refineries in the Houston and Texas City areas. SCPS also includes 6.8 million barrels of crude oil tankage on the Texas Gulf Coast and four import docks at two locations.

Closing of the transaction is subject to normal closing conditions and customary regulatory approvals and is anticipated by early 2012.

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