Enbridge has entered an agreement with ConocoPhillips to acquire a 50% interest in the Seaway Crude pipeline system (SCPS) for $1.15bn.
The SCPS includes a 805km, 30in-diameter, long-haul system from Freeport, Texas, US, to Cushing, Oklahoma, and the Texas City terminal and distribution system, which provides services to refineries in Houston and Texas.
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The SCPS has 6.8 million barrels of crude oil tankage on the Texas Gulf Coast and four import docks at two locations.
On completion of the transaction, Enbridge will become joint owner of the pipeline with Enterprise Products Partners, and will continue to operate the pipeline system and storage facilities.
The transaction will be complete by early 2012, subject to normal closing conditions and customary regulatory approvals.
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By GlobalData
