Enbridge Consolidates Crude Oil Storage Facilities at Hardisty Hub
Wednesday, June 16, 2021 5:09 PM

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CALGARY, ALBERTA, Jun. 16, 2010 (Marketwire) -- Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced completion of the acquisition of the 50% of the Hardisty Caverns Limited Partnership previously owned by CCS Corporation for approximately $52 million. The Hardisty Caverns facility, now wholly owned by Enbridge, includes four salt caverns totaling 3.1 million barrels of capacity, and provides term storage services under long-term contracts.

"Our partnership on the Hardisty Caverns with CCS has been a fruitful and mutually beneficial one," said Stephen J. Wuori, Executive Vice President, Liquids Pipelines. "We're pleased to be able to consolidate our contract storage position at Hardisty, Alberta which we view as an important hub for growing oil sands production.

"The facility has excellent long-term growth prospects, including development of additional caverns as well as extensive surface storage development potential in an area where well-located land is difficult to acquire."

Significant demand for contract storage exists in the Hardisty region as a result of the growth of the oil sands and the development of expanded export pipelines. Enbridge is the largest operator of contract storage facilities at the Hardisty hub with its ownership of the 3.1 million barrel Hardisty Caverns storage facility, plus the 7.5 million barrel Hardisty Contract Terminal surface storage facility. Enbridge also operates 1.6 million barrels of regulated tankage at its adjacent Hardisty mainline terminal, providing receipt and delivery operational tankage for its mainline system.

Enbridge Inc., a Canadian company, is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. 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 growing involvement in the natural gas transmission and midstream businesses, and is expanding its interests in renewable and green energy technologies including wind and solar energy, hybrid fuel cells and carbon dioxide sequestration. 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. Enbridge employs approximately 6,000 people, primarily in Canada and the U.S., and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit 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.

(Source: CCN )


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