Enbridge Expects $7B of Projects to Come into Service This Year
Energy delivery company Enbridge Inc. has revealed that it expects $7 billion of projects to come into service this year, including two of “significant size”.
“The $1.3 billion … NEXUS natural gas pipeline that will transport gas from the Marcellus and Utica basins to the upper Midwest and Canadian markets is progressing well, with construction well advanced in Ohio and Michigan, and remains on track for completion late in the third quarter,” Enbridge said in a company statement on its website.
“The $1.6 billion Valley Crossing project, which will supply 2.6 billion cubic feet of gas into the Mexican market, has substantially completed its onshore and offshore pipeline installation and is on track to go into service in the fourth quarter of 2018,” the statement continued.
In the first half of 2018, Enbridge brought $1.6 billion of commercially secured projects into service. This included the $0.2 billion Stampede Offshore oil lateral in the Gulf of Mexico, the $0.4 billion High Pine and the $0.2 billion Wyndwood pipeline expansions.
Earlier this month, Enbridge announced that it had closed previously announced agreements to sell its U.S. midstream businesses and monetize a portion of its renewables business for combined cash proceeds of approximately $3.15 billion.
"We are pleased to have moved quickly to execute and close these transactions at strong valuations," Al Monaco, president and chief executive officer of Enbridge, said in a company statement on August 1.
Enbridge, which describes itself as a North American leader in delivering energy, operates the world’s longest crude oil and liquids transportation system. The company’s history dates back to 1949.
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