Enbridge (ENB) Completes $1.15B Acquisiton of 50% Interest in Seaway Crude Pipeline System
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Enbridge Inc. (NYSE: ENB) announced the closing of its acquisition of a 50% interest in the Seaway Crude Pipeline System for US$1.15 billion. Enbridge is the joint owner of the pipeline with Enterprise Products Partners L.P. (NYSE: EPD) ("Enterprise"). Enterprise will continue to operate the pipeline system and storage facilities.
The 670-mile (1,078-kilometer) Seaway Crude Pipeline System (SCPS) includes the 500-mile (805-kilometer), 30-inch diameter Freeport, Texas to Cushing, Oklahoma long-haul system, as well as the Texas City Terminal and Distribution System which serves refineries in the Houston and Texas City areas. SCPS also includes 6.8 million barrels of crude oil tankage on the Texas Gulf Coast and four import docks at two locations.
The 670-mile (1,078-kilometer) Seaway Crude Pipeline System (SCPS) includes the 500-mile (805-kilometer), 30-inch diameter Freeport, Texas to Cushing, Oklahoma long-haul system, as well as the Texas City Terminal and Distribution System which serves refineries in the Houston and Texas City areas. SCPS also includes 6.8 million barrels of crude oil tankage on the Texas Gulf Coast and four import docks at two locations.
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