Enbridge to Provide Additional Facilities at Athabasca Terminal for Suncor
CALGARY, ALBERTA -- (Marketwire) -- 09/27/12 -- Enbridge Inc. (TSX: ENB) (NYSE: ENB) announced today that it has entered into an agreement with Suncor Energy Oil Sands Limited Partnership (Suncor) to expand the existing infrastructure at the Enbridge Athabasca Terminal to accommodate the incremental bitumen volumes from Suncor's Firebag 3 and 4 developments. The approximately $150 million expansion is expected to be in-service in the second quarter 2013.
Enbridge (EEP) will construct a new 350,000 barrel tank as well as additional infrastructure including new booster pumps, meters and modifications to existing piping and manifolds. To meet Suncor's required in-service date, Enbridge began construction in July 2011.
Suncor has agreed to underpin Enbridge's investment in these facilities through a long-term Services Agreement, during which Enbridge recovers all operating costs, a return on equity and all of its invested capital.
"We're pleased to further strengthen our relationship with Suncor by delivering timely and innovative terminalling and transportation services," said Steve Wuori, President, Liquids Pipelines and Major Projects, Enbridge Inc.
Enbridge's Regional Oil Sands System At-a-Glance:
Enbridge is the leading pipeline operator in the Fort McMurray to Edmonton/Hardisty corridor and well positioned to tie-in new oil sand developments to mainline pipelines and increase capacity for current customers. Enbridge's Regional Oil Sands Infrastructure includes the Athabasca and Waupisoo pipeline systems, which currently connect six producing oil sands projects, and which, through commercially secured expansions, will connect eight producing oil sands projects by 2014. A map is available at www.enbridge.com.
-- 540-kilometre (335-mile) pipeline in operation since March 1999 -- Annual capacity of up to 570,000 barrels per day of crude oil (depending on crude viscosity) from the Athabasca and Cold Lake regions of Alberta, south to Hardisty, Alberta -- Enbridge Athabasca has a new crude oil pipeline expansion project currently underway called the Athabasca Pipeline Twinning Project that, once completed, will provide transportation service for increased oil production in the Kirby Lake area.
-- 385-kilometre (237-mile) pipeline system in operation since June 2008 -- Annual capacity of up to 600,000 bpd of crude oil (depending on crude viscosity) from Enbridge's Cheecham Terminal to Edmonton
-- Largest operator of contract storage facilities at the Hardisty hub with the 3.1 million barrel Hardisty Caverns storage facility, plus the 7.5 million barrel Hardisty Contract Terminal surface storage facility -- More than 4.4 million barrels of operational storage associated with the Waupisoo and Athabasca pipelines and laterals
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 growing involvement in the natural gas transmission and midstream businesses, and is expanding its interests in renewable and green energy technologies including wind and solar energy, hybrid fuel cells and carbon dioxide sequestration. 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. Enbridge employs more than 10,000 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 enbridge.com
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes 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 vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Contacts: Enbridge Inc. Graham White Media (403) 508-6563 or Toll Free: (888) 992-0997 firstname.lastname@example.org Enbridge Inc. Jody Balko Investment Community (403) 231-5720 email@example.com www.enbridge.com
Source: Enbridge Inc.