ENBRIDGE AND ENTERPRISE PRODUCTS PIPELINE PLANS FOR SEAWAY CRUDE PIPELINE CREATE NEW MARKET DYNAMICS FOR OIL FLOW FROM CANADA AND BUSINESS IN THE GULF COAST

摘要

Enbridge Inc. unexpectedly announced this week that it agreed to pay $1.15 billion for ConocoPhillips‘ share of a north-flowing oil pipeline that extends from Houston-area refineries in the Gulf of Mexico to Cushing. Together with Enterprise Products Partners LP, the line‘s other owner, the companies will reverse the flow to direct the crude to refineries in the Gulf Coast area. Additional investment required by the joint venture partners to reverse the line and construct supporting lateral and related facilities is expected to be approximately $300 million.