The Conversation (0)
Enbridge Inc. (TSE:ENB,NYSE:ENB) and Enbridge Energy Partners, L.P. (NYSE:EEP) reported two projects that will provide more access to refineries in the U.S. upper midwest and in Ontario, Canada.
Enbridge Inc. (TSE:ENB,NYSE:ENB) and Enbridge Energy Partners, L.P. (NYSE:EEP) reported two projects that will provide more access to refineries in the U.S. upper midwest and in Ontario, Canada.
The press release is quoted as saying:
TThe project involves the expansion of EEP’s Line 5 light crude line between Superior, Wisconsin and Sarnia, Ontario by 50,000 barrels per day, at a cost of approximately $100 million. Complementing the Line 5 expansion, Enbridge plans on reversing a portion of Line 9 in western Ontario to permit crude oil movements eastbound from Sarnia as far as Westover, Ontario, at a cost of approximately $20 million. Subject to regulatory approvals, both projects are targeting to be in service in late 2012.
Enbridge Inc.’s President, Stephen J. Wuori commented:
“With a Brent-to-WTI differential running in excess of $20 per barrel, compared with the historical parity relationship, there is significant value to be captured by increasing the pipeline capacity to move western Canadian and Bakken light crude supply to eastern refiners. This project will utilize the international joint toll (IJT) feature provided for in the new Enbridge Competitive Toll Settlement, which will enable us to provide an attractive toll from western Canada all the way through to refiners in the U.S. upper Midwest and Ontario.
Click here to access the entire press release
