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Article: Enbridge Energy Partners to Acquire Mid-Continent Crude Oil Pipeline And Storage Systems for $131 Million.
- Article from:
- PR Newswire
- Article date:
- December 22, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Enbridge Energy Partners, L.P. ("Enbridge Partners" or the "Partnership") today announced that it has agreed to acquire crude oil pipeline and storage systems from Shell Pipeline Company LP and Shell Oil Products US (Shell) for $131 million, excluding customary closing adjustments for working capital and other items. Closing of the purchase is anticipated to occur in the first quarter of 2004, subject to regulatory approvals and a right of first refusal on one pipeline.
The assets being acquired serve refineries in the Mid-Continent from the Cushing, Oklahoma Hub and consist of some 615 miles of active crude oil pipelines and 9.5 million barrels of storage ...