CALGARY, ALBERTA--November 22, 2002--Enbridge Inc. today
announced that it has closed the acquisition of an additional
6.1% interest in the Alliance Pipeline from the El Paso
Corporation. Enbridge will also acquire an additional approximate
1.1% interest from El Paso in the Alliance Pipeline at the end of
the first quarter of 2003.
Upon completion of both of these transactions, Enbridge will have
increased its interest in the Alliance Pipeline to approximately
38.2% and will have increased its interest in the Aux Sable NGL
plant and AC Marketing to approximately 30.9%, each of which will
be equal to that of the other largest owner, Fort Chicago Energy
Partners. Enbridge has not assumed any of El Paso's direct
natural gas transportation commitments in the pipeline.
Enbridge will pay El Paso approximately Cdn$125 million for its
interests in the Alliance Pipeline and the Aux Sable NGL Plant
and AC Marketing interests.
The Alliance Pipeline is a 36-inch diameter pipeline with a
capacity of 1,550 million cubic feet per day of natural gas. It
extends 3000 kilometres from Fort St. John in British Columbia to
Chicago, Illinois. It employs a "high pressure dense phase"
technology to create higher transmission efficiency than
traditional conventional gas transmission systems. Alliance
commenced operations in late 2000. Enbridge was the first
pipeline company to invest in Alliance and, in conjunction with a
number of natural gas producers, seek to develop alternatives for
accessing U.S. markets.
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, which
provides distribution services in Ontario, Quebec and New York
State; and is developing a gas distribution system for the
Province of New Brunswick. 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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