Enbridge Inc. has introduced about US$500 million in spending on new initiatives to develop its enterprise within the U.S. together with its export terminal in Texas and an enlargement of its Grey Oak pipeline which carries oil from the Permian Basin to the U.S. Gulf Coast.
The corporate made the bulletins as a part of its investor day presentation in New York.
Enbridge says it’ll spend about US$100 million to increase its Grey Oak pipeline and add 2.5 million barrels of further crude oil storage on the Enbridge Ingleside Power Heart terminal, close to Corpus Christi, Texas.
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It has additionally signed an settlement to purchase two marine docks and close by land subsequent to the ability from Flint Hills Assets for about US$200 million.
The corporate says the deal will permit it enhance crude oil export capability and streamline present Ingleside operations.
As well as, Enbridge says it’ll spend about US$200 million as a part of a newly shaped three way partnership to develop and assemble a gasoline pipeline to serve Shell and Equinor’s offshore Sparta growth within the Gulf of Mexico.
© 2024 The Canadian Press
