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Construction of Seaway Crude Oil Pipeline Loop (Twin) Completed
|By Marketwired .
|July 3, 2014 08:05 AM EDT
HOUSTON, TEXAS and CALGARY, ALBERTA -- (Marketwired) -- 07/03/14 -- Enterprise Products Partners L.P. (NYSE: EPD) and Enbridge Inc. (TSX: ENB)(NYSE: ENB) announced today that the 512-mile Seaway Pipeline system loop (twin) pipeline from Cushing, Oklahoma, to the Jones Creek storage and terminal facility near Freeport, Texas, is mechanically complete. The new 30-inch Seaway Loop (Twin) Pipeline is expected to more than double the capacity of the Seaway system to 850,000 BPD.
The Jones Creek facility is connected to Enterprise's ECHO crude oil storage facility in Houston by a 65-mile, 36-inch pipeline. Construction of a 100-mile, 30-inch pipeline from ECHO to Beaumont / Port Arthur, Texas, is expected to be completed in July 2014. Commissioning of the Seaway Loop (Twin), as well as the new pipeline from ECHO to Beaumont/Port Arthur, will continue throughout the third quarter 2014.
In addition to the pipeline that transports crude oil from Cushing to the Gulf Coast, the Seaway system comprises a terminal and distribution network originating in Texas City, Texas, which serves refineries locally and in the Houston area. The Seaway system also includes dock facilities at Freeport and Texas City.
The Seaway Pipeline system is owned by Seaway Crude Pipeline Company LLC, a 50/50 joint venture owned by affiliates of Enterprise Products Partners L.P. and Enbridge Inc. For additional information, please visit www.seawaypipeline.com.
Enterprise Products Partners L.P. (NYSE: EPD) is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil and refined products transportation, storage and terminals; offshore production platforms; petrochemical transportation and services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. The partnership's assets include approximately 51,000 miles of onshore and offshore pipelines; 200 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity. For more information, visit www.enterpriseproducts.com.
Enbridge Inc., a Canadian Company, is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past six years. 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 increasing involvement in power transmission. 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. As a generator of energy, Enbridge has interests in more than 1,800 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Top 100 Employers for 2014. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and Enbridge expect, believe or anticipate will or may occur in the future, including anticipated benefits and other aspects of such activities, events, developments or transactions, are forward-looking statements. Although Enterprise and Enbridge believe that the forward-looking statements included herein are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition and other risks and uncertainties included in the reports filed with the Securities and Exchange Commission by Enterprise and Enbridge, respectively, and in the filings made by Enbridge with Canadian securities regulatory authorities. While Enterprise and Enbridge make 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 differ materially from those expected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, neither Enterprise nor Enbridge intends to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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