Enbridge Proceeding With Gulf Coast Access Project
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 12/20/11 -- Enbridge Inc. (TSX: ENB) (NYSE: ENB) announced today that it has secured sufficient capacity commitments from shippers to proceed with its Gulf Coast Access project offering crude oil transportation from its terminal at Flanagan, Illinois, to the U.S. Gulf Coast. Enbridge also announced that, in response to shipper requests, it will hold a second open season early in the new year to provide an opportunity for shippers to subscribe for additional capacity.
The Gulf Coast Access project will involve construction of an additional line from Flanagan south to Cushing, Oklahoma following Enbridge's existing Spearhead Pipeline right-of-way. This line is expected to be in service by mid 2014 at an estimated capital cost of approximately $1.9 billion depending on the final scope of the project. From Cushing, crude oil will move to Houston and Port Arthur, Texas on the Seaway Pipeline system owned by a joint venture between Enbridge and Enterprise Products Partners L.P.
The binding open season period on the Flanagan South segment of the project will begin at 8 a.m. CDT, Wednesday, January 4, 2012, and continue until 12:00 p.m. (noon) CDT Friday, February 10, 2012.
A concurrent binding open season will be held on the joint venture Seaway Pipeline system to provide an opportunity for additional capacity subscriptions originating at Cushing.
"For those shippers seeking timely capacity for growing supplies produced in Western Canada and the Bakken to the Texas Gulf Coast, the Gulf Coast Access project offers near-term solutions through the cost-effective and efficient use of existing facilities and rights-of-way," said Stephen J. Wuori, President, Liquids Pipelines, Enbridge Inc. "Through a second open season on the Flanagan South Pipeline, we will be able to offer capacity to new shippers, as well as providing the opportunity for those shippers who have already subscribed to capacity from Flanagan to the Gulf Coast to add to their existing commitments."
Additional information about the open season will be available online at beginning Jan. 4, 2012. For commercial inquiries, please contact:
About Enbridge Inc.
Enbridge Inc., a Canadian company, is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an emerging focus on power transmission and carbon dioxide transportation and sequestration. As a generator of energy, Enbridge has interests in close to 860 megawatts of renewable and green energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 6,400 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit .
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Contacts:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: (888) 992-0997
Enbridge Inc.
Jody Balko
Investment Community
(403) 231-5720
Enbridge Inc.
Lorraine Little
Media
Toll-free: (877) 496-8142
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Datum: 20.12.2011 - 22:57 Uhr
Sprache: Deutsch
News-ID 98957
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CALGARY, ALBERTA
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Oil & Gas
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