Enbridge to Invest About $500 Million in Pipeline Assets

(Reuters) – Pipeline operator Enbridge said on Wednesday it will invest about $500 million in expanding its pipeline and storage assets to improve its U.S. Gulf Coast presence.

Enbridge operates North America’s biggest oil pipeline network, the Mainline, which moves Canadian crude from Alberta to U.S. and eastern Canadian refineries.

The company said it will acquire two marine docks and land from Flint Hills Resources for about $200 million and is planning to invest about $100 million on Gray Oak Pipeline expansion.

The company also sanctioned about $200 million of offshore pipelines to service Shell and Equinor’s  sanctioned offshore oil and gas project Sparta in the Gulf of Mexico.

Reporting by Tanay Dhumal in Bengaluru; Editing by Tasim Zahid and Shinjini Ganguli

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