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Enbridge Inc's Subsidiary Announces Agreement With Canopy Prospecting Inc

Monday, 26 Nov 2012 09:00am EST 

Enbridge Inc announced that U.S. subsidiary, Enbridge Rail (Philadelphia) L.L.C., has entered into an agreement with Canopy Prospecting Inc. to create the Eddystone Rail Company to jointly develop a unit-train facility and related local pipeline infrastructure near Philadelphia, Pennsylvania to deliver Bakken and other light sweet crude oil to Philadelphia area refineries. The project is expected to handle 80,000 barrels per day (bpd) in the third quarter 2013 and can ultimately be expanded to receive up to 160,000 bpd for subsequent transport by barge or pipeline to nearby refineries as early as mid-2014. Enbridge will own 75% of the joint venture and serve as operator during construction and operation of the facility. The total estimated capital cost of the project is approximately $68 million, including interest during construction. Project scope includes leasing portions of Exelon Generation's Eddystone power generation facility and reconfiguring existing track to accommodate 120 car unit-trains, installing crude offloading equipment, refurbishing an existing 200,000 barrel tank and upgrading an existing barge loading facility. Additional storage and pipelines connecting Eddystone to Philadelphia area refineries are under development. Enbridge will proceed with customary environmental, local and regulatory approvals to facilitate in-service in the third quarter of 2013. 

Company Quote

-0.61 -1.21%
4:01pm EDT