Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) and Enbridge Inc. (“Enbridge”) (NYSE/TSX: ENB) today announced the start of concurrent binding open seasons to solicit capacity commitments from shippers for an expansion of the Seaway crude oil pipeline and a new pipeline that will be built from Enterprise’s ECHO terminal to Port Arthur, Texas. Enterprise and Enbridge recently announced plans to reverse the flow direction of the 500-mile, 30-inch diameter Seaway crude oil pipeline, enabling it to transport crude oil from the oversupplied hub in Cushing, Oklahoma to the U.S. Gulf Coast.
The initial 150,000 barrels per day (“BPD”) of capacity on the reversed system could be available by the second quarter 2012. Following pump station additions and modifications, which are expected to be completed by the first quarter 2013, capacity would increase to 400,000 BPD, assuming a mix of light and heavy grades of crude oil. Depending on the results of the open season, which began at 9 a.m. CST January 4, 2012 and continues through noon CST February 10, 2012, the Seaway pipeline could be looped (or “twinned”) to create additional capacity.
The new 85-mile pipeline that will be built from Enterprise’s ECHO crude oil terminal southeast of Houston to the Port Arthur/Beaumont, Texas refining center will give shippers access to the region’s heavy oil refining capabilities. Service is expected to begin in early 2014.
Enterprise and Enbridge each own a 50 percent interest in the Seaway pipeline system, with Enterprise serving as operator. Additional information about the open seasons is available online at www.seawaypipeline.com. For commercial inquiries, please contact:
|Bart Moore||Bob Schroeder|
|(713) 381-8267||(405) 239-5738|
|Brad Shamla||Vince Paradis|
|(403) 231-5915||(403) 231-5991|
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