Enbridge CEO: Interested In Capline Reversal To Gulf Coast
May 09 2012 - 12:01PM
Dow Jones News
Enbridge Inc. (ENB) Chief Executive Pat Daniel said Wednesday
the Canadian pipeline company would be interested in participating
in a reversal of the Capline oil pipeline connecting the Gulf Coast
with Midwest refineries.
Last week, Marathon Petroleum Corp. (MPC) said it's exploring
the possibility of reversing the Capline, which sends imported
crude oil north from Louisiana ports to Midwest refineries.
Marathon is part owner of the Capline along with Plains All
American Pipeline (PAA) and Royal Dutch Shell (RDSA).
The 1.2-million barrel a day Capline is underused as rising oil
production from Canada and the U.S. is pushing out more expensive
exports. A bottleneck in the Midwest caused by crude trying to get
south has caused the price of U.S. oil to drop some $15 a barrel
below seaborne crude oil.
Enbridge is already reversing and expanding the Seaway pipeline
between Cushing, Okla., and refineries in Texas along with its
partner Enterprise Products Partners (EPD).
Daniel said Enbridge is "watching and monitoring" plans for a
potential Capline reversal closely and would be interested in
buying into the project, adding that it would expand access to
refineries on the eastern Gulf of Mexico.
"Allowing access of Canadian crude to the eastern Gulf is
something we have looked at on a number of occasions," Daniel
said.
-By Edward Welsch, Dow Jones Newswires; 403-229-9095;
edward.welsch@dowjones.com
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