(IBTimes) - Enterprise Products Partners LP and Enbridge Inc.
Saturday said that the Seaway Pipeline has started to accept
Crude Oil at the Cushing, OK. storage hub for delivery to the US
The bottleneck at the Cushing storage hub where Crude Oil
inventories had reached historic highs, but on Thursday,
Enterprise & Enbridge announced completion of the reversal of
the Seaway pipeline, setting the stage for Crude Oil to flow from
the storage hub to the Gulf Coast refining hub. At that time, the
companies also indicated they would start shipping Crude Oil on
Enterprise & Enbridge controls the pipeline through a
50/50 J-V agreement, said the pipeline will have an initial
capacity of 150,000 BPD. Capacity will expand to 400,000 BPD in
Q-1 of Y 2013.
The 2 companies announced the reversal project in November
2011 after Enbridge bought ConocoPhillips's (
) 50% stake in the pipeline for $1.1-B.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red
Roadmaster's Technical Report on the US Major Market Indices, a
weekly, highly-regarded financial market letter, read by opinion
makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and
stock markets since 1984, following a successful business career
that included investment banking, and market and business
analysis. He is a specialist in equities/commodities, and an
accomplished chart reader who advises technicians with regard to
Major Indices Resistance/Support Levels.
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