CALGARY, ALBERTA--(CCNMatthews - Apr 1, 2004) - Enbridge Inc.
(TSE, NYSE: ENB) today announced it intends to file an
application with the State of Alaska to negotiate potential
commercial agreements for the construction and operation of the
segment of the Alaska Highway Pipeline Project (AHPP) to be built
in Alaska.
"Enbridge is well positioned to participate as a key partner in
the Alaska Highway Pipeline Project," said Patrick D. Daniel,
President & Chief Executive Officer of Enbridge.
"Our expansive reach into North American energy markets, combined
with our significant natural gas expertise and experience with
both liquids and natural gas systems in the Far North, are solid
foundations for a partnership to deliver Alaskan energy to
continental markets. As such, we intend in the coming weeks to
file an application with the State to formalize our position as
an interested participant in the proposed Alaska Highway Pipeline
Project."
"In the months ahead, Enbridge will work in collaboration with
producers, the State and other governments to determine the right
solution as we explore options for delivering Alaska gas in the
most economic and effective way to North American consumers."
Under the Alaska Stranded Gas Development Act (ASGDA), interested
parties must file an application with the State to initiate
formal negotiations over the commercial terms of an agreement to
participate in the natural gas pipeline project. The Act governs
pipeline construction and operations for the portion of the
project built in Alaska, from Prudhoe Bay to the Canadian border.
Enbridge has indicated to the State it is interested in pursuing
opportunities as an equity partner in a consortium with the
capacity to build and operate a potential natural gas pipeline in
Alaska. Enbridge also is exploring opportunities for development
of the pipeline from the Alaskan border to markets in Canada and
the U.S.
Enbridge cited a number of strengths that position the company as
a strong partner for one of the largest pipeline projects ever
proposed in North America:
- With more than 50 years of continental experience, Enbridge
owns and operates the world's longest crude oil and liquids
pipeline system, delivering more than 2 million barrels per day
to markets in Canada and the U.S.
- Enbridge owns and operates Canada's largest natural gas
distribution company, serving more than 1.7 million customers in
Ontario, Quebec, New Brunswick and New York State.
- It also has significant ownership interests in two
large-diameter, cross-border natural-gas systems: Alliance
Pipeline (50 per cent) and Vector (60 per cent).
- With its Norman Wells liquids pipeline (100 per cent) and
Inuvik Gas (33 per cent), Enbridge has extensive experience
building and operating oil and gas pipelines in northern
permafrost.
- Enbridge Energy Partners owns and operates more than 15,000 km
(9,000 miles) of natural gas transmission and gathering pipelines
in the U.S. Mid-continent and Gulf Coast areas.
The application to the State of Alaska is an early first step in
a project that will require extensive producer and stakeholder
consultation in advance of regulatory processes in the U.S. and
Canada. Enbridge is currently engaged in preliminary stakeholder
consultation.
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.
When used in this news release, the words "anticipate", "expect",
"project", "believe", "estimate", "forecast" and similar
expressions are intended to identify forward-looking statements,
which include statements relating to pending and proposed
projects. Such statements are subject to certain risks,
uncertainties and assumptions pertaining to operating
performance, regulatory parameters, weather and economic
conditions and, in the case of pending and proposed projects,
risks relating to design and construction, regulatory processes,
obtaining financing and performance of other parties, including
partners, contractors and suppliers.
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