Enbridge Buys $1B Stake In Long-Haul Midwest Pipeline

Law360, New York (December 21, 2011, 1:49 PM EST) -- Canadian energy company Enbridge Inc. will pay $1.15 billion for ConocoPhillips Co.'s 50 percent stake in a 500-mile pipeline from Texas to Oklahoma, which will help ease an Midwestern oil bottleneck and broaden the company's access to Gulf Coast ports, it said Tuesday.

Enbridge and joint owner Enterprise Products Partners LP said they will reverse the flow of the Seaway Crude Pipeline System, which connects Cushing, Okla., and Freeport, Texas, to send an oversupply of crude oil south to refineries along the Texas coast.

The reversed...
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