CALGARY — Enbridge Inc. has announced about US$500 million in spending on new projects to grow its business in the U.S. including its export terminal in Texas and an expansion of its Gray Oak pipeline which carries oil from the Permian Basin to the U.S. Gulf Coast.
The company made the announcements as part of its investor day presentation in New York.
Enbridge says it will spend about US$100 million to expand its Gray Oak pipeline and add 2.5 million barrels of additional crude oil storage at the Enbridge Ingleside Energy Center terminal, near Corpus Christi, Texas.
It has also signed an agreement to buy two marine docks and nearby land next to the facility from Flint Hills Resources for about US$200 million.
The company says the deal will allow it increase crude oil export capacity and streamline existing Ingleside operations.
In addition, Enbridge says it will spend about US$200 million as part of a newly formed joint venture to develop and construct a gas pipeline to serve Shell and Equinor’s offshore Sparta development in the Gulf of Mexico.
This report by The Canadian Press was first published March 6, 2024.
Companies in this story: (TSX:ENB)
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