CALGARY — Enbridge Inc. has introduced about US$500 million in spending on new tasks to develop its business within the U.S. together with its export terminal in Texas and an growth of its Gray Oak pipeline which carries oil from the Permian Basin to the U.S. Gulf Coast.
The firm made the bulletins as a part of its investor day presentation in New York.
Enbridge says it can spend about US$100 million to develop its Gray Oak pipeline and add 2.5 million barrels of extra crude oil storage on the Enbridge Ingleside Energy Center terminal, close to Corpus Christi, Texas.
It has additionally signed an settlement to purchase two marine docks and close by land subsequent to the power from Flint Hills Resources for about US$200 million.
The firm says the deal will enable it improve crude oil export capability and streamline current Ingleside operations.
In addition, Enbridge says it can spend about US$200 million as a part of a newly shaped three way partnership to develop and assemble a fuel pipeline to serve Shell and Equinor’s offshore Sparta improvement within the Gulf of Mexico.
This report by The Canadian Press was first revealed March 6, 2024.
Companies on this story: (TSX:ENB)
The Canadian Press
Source: calgary.citynews.ca