June 7, 2001
international consortium of a unit of Williams (NYSE:WMB),
Enbridge Inc. (TSE:ENB, NASDAQ:ENBR) and Northville Industries
Inc. signed an agreement today that formalizes a commercial
relationship between the parties for the operation and maintenance
of the oil storage and loading terminal at the Jose complex
located in the state of Anzoategui, Venezuela.
The final terms of this agreement are favorable to both parties,
and are a result of continuous negotiations that have taken place
during the past year. The signing of this agreement ratifies the
basic conditions agreed to in the term sheet signed by PDVSA
representatives and the consortium in January 2001. The terms
state that PDVSA maintains ownership of the property assets and
that the consortium will be responsible, over a period of 10
years, for providing personnel, maintenance and operation of the
terminal which loads the crude from projects located in the
Orinoco Belt. These port facilities can handle up to 800,000
barrels of oil per day on a platform with berthing capacity for up
to 34 ships per month.
The consortium has been operating the terminal since April 1999 as
part of an interim agreement, while another contractual
relationship was being negotiated. Throughout this time, the
consortium has maintained a workforce that is more than 90 percent
Venezuelan and has demonstrated its experience in managing storage
and loading terminal facilities.
Williams and Enbridge both own a 45 percent interest in the
partnership, with Northville owning the other 10 percent.
About Williams
Williams, through its subsidiaries, connects businesses to energy,
delivering innovative, reliable products and services. Williams
information is available at www.williams.com
About Enbridge
Enbridge Inc. is a leader in energy transportation, distribution
and services. Enbridge operates, in Canada and the U.S., the
world's longest crude oil and liquids pipeline system. The
Company also owns and operates Canada's largest natural gas
distribution company. Additional information about Enbridge is
available at www.enbridge.com
Portions of this document may constitute "forward-looking
statements" as defined by federal law. Although the company
believes any such statements are based on reasonable assumptions,
there is no assurance that actual outcomes will not be materially
different. Any such statements are made in reliance on the "safe
harbor" protections provided under the Private Securities Reform
Act of 1995. Additional information about issues that could lead
to material changes in performance is contained in the company's
annual reports filed with the Securities and Exchange Commission.