By Molly Payne/Media release
(Cushing, Okla) — Enbridge’s Cushing Terminal will increase its liquids storage capabilities and connections through a pending acquisition.
Enbridge is purchasing a facility that includes 34 tanks for a total of approximately 6.6 million (MMbbl) of storage at Cushing from BlueKnight Energy Partners, L.P. (BKEP). When the acquisition is completed, the move will bring Enbridge’s overall storage capacity at Cushing to approximately 26 MMbbl. As the second largest operator of storage in Cushing, this acquisition will allow Enbridge to retain that ranking.
For customers, this means additional options and greater connections both to and from the world’s largest storage hub.
Enbridge Vice President of Business Development, U.S., Vince Paradis said, “For our customers, we’re expanding our storage capabilities and connections in Cushing which brings more optionality, flexibility and value. This brings value for our customers and is important to our company as part of our U.S. Gulf Coast strategy.”
Other facts:
This acquisition will provide connectivity to new production basins, Oklahoma and the Rockies, and support Enbridge’s strategy for directing barrels to the U.S. Gulf Coast, the largest refining complex in the U.S.
In addition to storage, the complex is a vital transshipment point on the energy landscape, and the most significant trading hub for North American crude.
The acquisition, at a price more competitive than building a new storage, further strengthens Enbridge’s top-tier position as a leader in the Cushing storage complex.
The U.S. $132-million-dollar purchase is expected to close in the early part of 2021. This purchase does not include BlueKnight’s trucking business.
Learn more about Enbridge here: https://www.enbridge.com/
View Enbridge’s Cushing map here: https://www.enbridge.com/map#
**NOTE** Vince Paradis, Enbridge VP of Business Development, U.S. will be speaking to us by phone on HOME w/the KUSH Girls Monday morning at approximately 8:40 am
