CALGARY, ALBERTA--(Marketwire - Feb. 13, 2008) - Enbridge Inc (TSX:ENB) (NYSE:ENB) announced today that it has engaged Citigroup Global Markets Inc. to assist it in evaluating strategic alternatives for monetizing its investment in Compania Logistica de Hidrocarburos ("CLH"). These alternatives include the potential sale of some or all of Enbridge's 25% shareholding in the company. The Company cautions, however, that there can be no assurance that this evaluation will result in any specific transaction, or if a transaction does occur, of the timing of such a transaction.
CLH is the leading company in the Spanish market for the transportation, storage and distribution of refined petroleum products. Its operating assets include 100% of the refined products pipeline network in Spain, as well as 63% of the total product storage capacity in the country.
"Enbridge acquired its 25% interest in CLH in 2002," said Patrick D. Daniel, President and Chief Executive Officer, Enbridge, Inc. "Since that time we have been very pleased with the performance of the company. CLH has exceeded all of our earnings and cash flow expectations, and continues to present strong growth prospects for the foreseeable future. However, recent transactions in the marketplace have highlighted the significant untapped value in our CLH investment which we believe can best be redeployed to support our other priority growth initiatives."
Proceeds from any monetization of the CLH investment would be applied toward funding Enbridge's extensive list of expansion projects in its core North American crude oil pipeline business.
About Enbridge
Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has international operations and a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 5,500 people, primarily in Canada, the U.S. and South America. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol ENB. Information about Enbridge is available on the Company's web site at www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
For more information please contact:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: 1-888-992-0997
Email: jennifer.varey@enbridge.com
or
Enbridge Inc.
Vern Yu
Investment Community
(403) 231-3646
Email: colin.gruending@enbridge.com
Website: www.enbridge.com