Enbridge completes partial acquisition of Olympic Pipe Line
Feb 9, 2006 11:52 AM
Enbridge Inc, Calgary, Alberta, Canada, has completed the acquisition of a 65 percent common share interest in the Olympic Pipe Line Company from Arco MidCon LLC, a wholly owned subsidiary of BP, for $99.8 million.
Enbridge said Olympic owns the largest refined products pipeline in Washington, transporting approximately 290,000 barrels per day (bpd) of gasoline, diesel, and jet fuel.
The pipeline system extends 300 miles from Blaine WA to Portland OR, connecting four Puget Sound refineries to terminals in Washington and Portland.
Olympic delivers refined product to terminals in Washington (Seattle, Renton, Tacoma, Olympia, and Vancouver) and Portland. The company is the sole supplier of jet fuel to the Seattle-Tacoma International Airport and a major supplier to the Portland International Airport.
The system consists of 400 miles of 6- to 20-inch diameter pipe, a 500,000-barrel products terminal, nine pumping stations, and 21 delivery points or facilities.
Arco MidCon LLC will continue to own the remaining 35 percent interest and BP Pipelines (North America) Inc will remain in its role as operator of the pipeline system.
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