June 16, 2010 [Marketwire] - Enbridge Inc. announced completion of the acquisition of the 50% of the Hardisty Caverns Limited Partnership previously owned by CCS Corporation for approximately $52 million. The Hardisty Caverns facility, now wholly owned by Enbridge, includes four salt caverns totaling 3.1 million barrels of capacity, and provides term storage services under long-term contracts.
“Our partnership on the Hardisty Caverns with CCS has been a fruitful and mutually beneficial one,” said Stephen J. Wuori, Executive Vice President, Liquids Pipelines. “We’re pleased to be able to consolidate our contract storage position at Hardisty, Alberta which we view as an important hub for growing oil sands production. “The facility has excellent long-term growth prospects, including development of additional caverns as well as extensive surface storage development potential in an area where well-located land is difficult to acquire.”
Significant demand for contract storage exists in the Hardisty region as a result of the growth of the oil sands and the development of expanded export pipelines.
Enbridge is the largest operator of contract storage facilities at the Hardisty hub with its ownership of the 3.1 million barrel Hardisty Caverns storage facility, plus the 7.5 million barrel Hardisty Contract Terminal surface storage facility. Enbridge also operates 1.6 million barrels of regulated tankage at its adjacent Hardisty mainline terminal, providing receipt and delivery operational tankage for its mainline system.
