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Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) and Enbridge Inc. (“Enbridge”) (NYSE/TSX: ENB) announced today that they will hold a supplemental binding open commitment period for incremental volumes on the new crude oil pipeline to be built from the Enterprise Crude Houston (ECHO) terminal to Port Arthur, Texas. During the 45-day open commitment period, Enterprise and Enbridge will be soliciting shipper interest for crude oil movements originating from the Houston area bound for the Beaumont/Port Arthur refining complex.
The approximately 85-mile lateral is being constructed to support the Seaway reversal project and is expected to begin service early in 2014. During the open commitment period, Enterprise and Enbridge will offer interested shippers incremental capacity of approximately 200,000 barrels per day (“BPD”) over and above the capacity already subscribed to as part of the Seaway reversal project. This pipeline will integrate the Port Arthur/Beaumont and Houston market, providing greater market optionality for shippers.
The reversal of Seaway and initial 150,000 BPD of southbound crude oil capacity on the system remains on schedule for the second quarter of 2012.
The binding open commitment period will begin at 9 a.m. CST on February 29, 2012 and ends April 13, 2012 at noon CDT. For commercial inquiries, or additional details and materials related to the binding open commitment period, please contact:
About Enterprise Products Partners L.P.Enterprise Products Partners L.P. 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. The partnership’s assets include approximately: 50,600 miles of onshore and offshore pipelines; 190 million barrels of storage capacity for NGLs, petrochemical, refined products and crude oil; and 14 billion cubic feet of natural gas storage capacity. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminaling; offshore production platform services; crude oil and refined products transportation, storage and terminaling; petrochemical transportation and storage; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico.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 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 close to 860 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. 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 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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