Seaway to Extend Open Season
12 Februar 2020 - 2:30PM
Business Wire
Seaway Crude Pipeline Company LLC (“Seaway”) today announced an
extension of a binding open season currently under way for
committed service on expansion capacity of its system originating
in Cushing, Oklahoma and extending to the Texas Gulf Coast. The
open season, which began December 16, 2019 with the intent to close
on February 14, 2020, is being extended to allow interested
shippers to complete internal review processes. Seaway is also
considering shipper feedback on the open season terms and may adapt
the terms to allow for the inclusion of additional crude types,
among other modifications. Seaway will promptly inform all
interested shippers with open season documents of any changes, as
well as provide notice 30 days prior to the new close.
The cost-efficient expansion would debottleneck and optimize the
system, principally through pump upgrades. The expansion could
provide an incremental 200,000 barrels per day (“BPD”), or more, of
crude oil capacity and include further quality enhancements in the
segregation of heavy and light crude shipments. Further capacity
expansion is possible, depending on customer demand. Up to 100,000
BPD of initial crude expansion capacity could be available
beginning in the second half of 2020, with the expansion in full
service in 2022. The final capacity for committed and uncommitted
service would be determined during the open season. Seaway is
offering a competitive fee schedule, starting at $0.99 per barrel
for light crude oil pipeline transportation from Cushing. Fees will
vary depending on volume, destination, and term.
Seaway features access to a fully integrated midstream network
of pipelines, storage facilities, and export terminals along the
Gulf Coast and provides connectivity to every refinery in Houston,
Freeport, Texas City, and Beaumont/Port Arthur.
Additional details, including the open season terms and the
required transportation services agreement form, will be
distributed to potential shippers who execute a confidentiality
agreement. Interested shippers should direct commercial inquiries
and requests for information to Shane Sullivan at (713) 381-6550 or
spsullivan@eprod.com.
Seaway Crude Pipeline Company LLC is a wholly owned subsidiary
of Seaway Crude Holdings LLC, which is a 50/50 joint venture owned
by affiliates of Enterprise Products Partners L.P. (NYSE: EPD) and
Enbridge Inc. (NYSE/TSX: ENB). In addition to the pipeline that
transports crude oil from Cushing to the Gulf Coast, the Seaway
system includes a terminal and distribution network originating in
Texas City, Texas, which serves refineries locally and in the
Houston area, and dock facilities at Freeport and Texas City. For
additional information, please visit www.seawaypipeline.com.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission and
“forward-looking information” within the meaning of applicable
Canadian securities legislation (collectively, “forward-looking
statements”). All statements, other than statements of historical
fact, included herein that address activities, events, developments
or transactions that Enterprise and Enbridge expect, believe or
anticipate will or may occur in the future, including anticipated
benefits and other aspects of such activities, events, developments
or transactions, are forward-looking statements. Although
Enterprise and Enbridge believe that the forward-looking statements
included herein are based on information and assumptions which are
current, reasonable and complete, these statements are necessarily
subject to a variety of risks and uncertainties, including required
approvals by regulatory agencies, the possibility that the
anticipated benefits from such activities, events, developments or
transactions cannot be fully realized, the possibility that costs
or difficulties related thereto will be greater than expected, the
impact of competition and other risks and uncertainties included in
the reports filed with the Securities and Exchange Commission by
Enterprise and Enbridge, respectively, and in the filings made by
Enbridge with Canadian securities regulatory authorities. While
Enterprise and Enbridge make 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 differ materially from those expected. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of their dates. Except as required
by law, neither Enterprise nor Enbridge intends to update or revise
its forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200212005131/en/
Enterprise Randy Burkhalter,
Investor Relations (713) 381-6812 or (866) 230-0745 Rick Rainey,
Media Relations (713) 381-3635
Enbridge Jonathan Morgan,
Investor Relations (403) 266-7927
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