By Chris Wack

Enbridge Inc. (ENB) and Enterprise Products Partners L.P. (EPD) said Monday they have agreed to jointly develop and market a deep-water offshore crude oil export terminal capable of fully loading the largest oil tankers.

The companies are working to finalize an equity participation agreement, which would allow Enbridge an option to purchase an ownership interest in Enterprise's Sea Port Oil Terminal, subject to the terminal receiving a deep-water port license.

The companies said they intend to initially focus commercial development efforts on seeking customer support to fully use the terminal.

Enbridge also said it will advance the development of its new wholly owned Jones Creek Crude Oil Storage Terminal, with ultimate capability of up to 15 million barrels of storage. That terminal will have access to crude oil from all major North American production basins and will be fully integrated with the Seaway Pipeline system to allow for access to Houston-area refineries, existing export facilities and other facilities in the future, Enbridge said.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 09, 2019 07:56 ET (12:56 GMT)

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