CALGARY, ALBERTA--(CCNMatthews - Sept. 23, 2004) - Enbridge Inc.
today announced it will conduct an open season for the Spearhead
Pipeline project, which would offer crude oil transportation
between Chicago and Cushing, Oklahoma. Under the terms of the
open season, the pipeline would be placed into service in early
2006, following reversal of the pipeline system that is currently
mostly idle. The open season will provide potential shippers with
incentive rates in exchange for long-term volume commitments.
The open season will proceed in two phases. Phase I will begin at
12 p.m. MST on Sept. 23 and end at 5 p.m. MST on Oct. 7, 2004.
During Phase I, prospective shippers will be provided the
opportunity to comment on the documents and will be requested to
provide preliminary indications of volume commitments. Phase II
will occur between 5 p.m. MST on Oct. 12 and 5 p.m. MST on Nov.
5, 2004. Phase II will involve the execution by prospective
shippers of Transportation Service Agreements that will become
binding when accepted and executed by both parties.
The open season documents are available on the Enbridge website
at www.enbridge.com/spearhead.
Enbridge acquired a 90-per-cent interest in the Cushing to
Chicago Pipeline System (CCPS) from BP Pipelines North America
Inc. in 2003. BP Pipeline retains 10-per-cent ownership of
C.C.P.S, Transportation, L.L.C., which holds direct ownership of
the pipeline. Enbridge, as majority owner, will sponsor the open
season. BP Pipeline will assist Enbridge in support of the open
season. The existing pipeline has historically operated in
south-to-north service, but recently it has been largely
inactive. The Spearhead Pipeline project would involve the
reversal of the flow of the 650-mile (1,050-km) pipeline to
transport crude south, from Chicago to Cushing.
The Spearhead Pipeline project would benefit both Canadian
producers and U.S. refineries by providing cost-effective
transportation for growing supplies of production from Western
Canada's oil sands to refineries in southern PADD II and beyond.
Enbridge Inc. 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 4,000 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. 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.
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