The system is an integrated network of pipeline and terminal facilities.
The majority of the assets, involving systems located at or originating from Cushing, OK, will be acquired by Enbridge Energy Partners for US$131 million. Enbridge owns an effective 12.2% interest in Enbridge Partners, managed through an affiliate, Enbridge Energy Management. A wholly-owned subsidiary of Enbridge will acquire two smaller systems in the Wood River/Patoka corridor in southern Illinois for US$9.5 million.
Closing of the purchases will be confirmed imminently, subject to regulatory approvals and rights of first refusal.
The systems to be acquired by Enbridge consist of three different pipelines totaling 984km, and two crude oil storage terminals with a total of 9.5 million barrels of capacity. The systems to be acquired include a 60% interest in the Woodpat pipeline from Wood River, IL, to Patoka, IL, plus a 500,000-brl terminal at Patoka.
This story courtesy of Energy Pipeline News at http://anvilpub.com/energy_pipeline_news.