Enbridge is growing in the United States
Canadian Press – March 6, 2024 / 6:03 am | Story: 475632
Photo: Canadian Press
The Enbridge logo is seen at the company's annual meeting in Calgary on May 9, 2018. Enbridge announced $500 million in new projects to grow its US business including its export terminal in Texas and the expansion of the Gray Oak Pipeline. Which transports oil from the Permian Basin to the US Gulf Coast. The Canadian Press/Jeff McIntosh
Enbridge announced spending about $500 million on new projects to grow its business in the United States, including its export terminal in Texas and the expansion of the Gray Oak Pipeline, which transports oil from the Permian Basin to the US Gulf Coast.
The company made the announcements as part of its Investor Day presentation in New York.
Enbridge says it will spend about $100 million to expand the Gray Oak Pipeline and add 2.5 million barrels of additional crude oil inventory at Enbridge's Ingleside Energy Center terminal, near Corpus Christi, Texas.
It also signed an agreement to purchase two jetties and nearby land next to the facility from Flint Hills Resources for approximately US$200 million.
The company says the deal will allow it to increase crude oil export capacity and streamline its existing Ingleside operations.
In addition, Enbridge says it will spend approximately $200 million as part of a newly formed joint venture to develop and construct a gas pipeline to serve Shell and Equinor's offshore Sparta development project in the Gulf of Mexico.
