|By Marketwired .||
|October 30, 2013 10:30 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 10/31/13 -- Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that it has been selected by the Fort Hills partners (Suncor Energy Inc., Total E&P Canada Ltd. and Teck Resources Limited) as well as Suncor Energy Oil Sands Limited Partnership (Suncor) to develop a new $1.6 billion pipeline to transport crude oil production under long term transportation commitments to Enbridge's mainline hub at Hardisty, Alberta. The Wood Buffalo Extension pipeline will transport volumes from the proposed Fort Hills oil sands project as well as growth from Suncor's existing oil sands operations. The pipeline remains subject to Suncor board approval, as well as customary regulatory approvals.
Enbridge will transport as much as 490,000 barrels per day of diluted bitumen produced at the Fort Hills Partners' project in northeastern Alberta and Suncor's growing oil sands production in the Athabasca region. The pipeline will be an extension of the recently commissioned Wood Buffalo Pipeline and will be constructed from Enbridge's Cheecham Terminal to its Battle River Terminal at Hardisty. It is targeted to come into service in the second quarter of 2017. Once the pipeline is completed, the proposed Fort Hills oil sands project will become the eleventh oil sands project to be connected to Enbridge's infrastructure in the Athabasca region.
"This project builds on our strong relationships with Suncor and Total and establishes an important relationship with Teck Resources," said Stephen J. Wuori, President, Liquids Pipelines and Major Projects. "Securement of this opportunity reflects Enbridge's strong competitive position in the region, leveraging our existing Wood Buffalo line and our major project execution capability, including preferential line pipe procurement and pipe lay contractor agreements."
The project will include a 450-kilometre (281-mile), 30-inch (75-centimetre) pipeline from Cheecham to the Battle River Terminal, and associated terminal upgrades. The initial term of the transportation agreement is 25 years, with the Fort Hills Partners and Suncor having the right to extend the agreement for successive five-year terms.
Enbridge is committed to timely and meaningful dialogue with all stakeholders, including shareholders, customers, Aboriginal and Native American communities, governments, regulators, landowners, and employees among others, regarding all of our projects, operations and activities. Enbridge will ensure this project is conducted in an environmentally responsible manner with a focus on the safety of our employees and the community.
About Enbridge Inc.
Enbridge Inc., a Canadian Company, is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past five years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in 1,700 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers and one of Canada's Top 100 Employers for 2013. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes 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 vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.