Enbridge Inc. says it will expand its liquids storage capabilities and connections through an acquisition of a facility from Blueknight Energy Partners, L.P. in the oil transshipment hub of Cushing, Okla.
The purchase of the facility includes 34 storage tanks for a total storage of approximately 6.6-million barrels, which would take the company’s overall storage capacity at Cushing to approximately 26 million barrels, the company said.
The US$132-million purchase is expected to close in the early part of 2021.
“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 company said.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.