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    Enbridge Builds New Pipelines To Service U.S. LNG Facility


    May 27, 2022 - Baystreet Commodities

     

      Canadian energy giant Enbridge (ENB) is building two pipelines to service a new liquefied

      natural gas facility in the U.S.

      The Calgary-based pipeline company announced that it will transport 1.5 billion cubic feet per

      day of natural gas from basins in the U.S. to Venture Global's recently sanctioned Plaquemines

      LNG plant in Louisiana.

      American LNG company Venture Global announced that it will proceed with the first phase of

      construction on the Plaquemines LNG facility after it secured $13.2 billion U.S. in financing for

      the project.

      Enbridge said the two new pipelines that will supply the LNG facility are the 43-kilometre Gator

      Express Meter Project, expected to be operational in 2023, and the 4.8-kilometre Venice

      Extension Project, expected to be in service by 2024. The estimated cost for the two new

      pipelines is $400 million U.S.

      The announcement comes as U.S. benchmark natural gas prices top $9 U.S. per mmBTU amid

      concerns about global energy security and the war in Ukraine.

      The Plaquemines facility, which will have an export capacity of up to 20 million metric tonnes of

      LNG per year when fully operational, will be the fifth LNG facility on the U.S. Gulf Coast served

      by Enbridge pipelines.

      In addition to liquefied natural gas, Enbridge is banking on increased crude oil exports from the

      U.S. Gulf Coast. Last fall, Enbridge acquired U.S.-based terminal and logistics company Moda

      Midstream Operating for $3 billion U.S.

      As part of that deal, Enbridge acquired North America's largest crude export terminal, the

      Ingleside Energy Center located near Corpus Christi, Texas, which handles 25% of all U.S. Gulf

      Coast crude exports.

      Enbridge stock is up 18% this year at $$58.59 per share.

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