On top of posting a $138-million second-quarter profit this morning, Enbridge Inc. announced one of its U.S. subsidiaries is set to acquire a natural gas gathering and processing system in Texas and Oklahoma from Atlas Pipeline Partners for $682-million (U.S.).
Enbridge Energy Partners L.P., 27 per cent owned by Enbridge Inc., transports oil and gas around the U.S. and the acquisition adds 800 miles of natural gas pipeline and three plants to its portfolio. Enbridge has been trying to expand its pipeline business with projects like the Southern Access Program that transports oil from the oil sands south of the border.
But more pipelines could cause problems for Enbridge. At the moment, one of its own pipes that carries oil from Griffith, IN to Sarnia, Ont. is leaking oil into the Kalamazoo River in Battle Creek, Mich. Three million litres have already escaped.
Tim Kiladze