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Enbridge Inc
Symbol ENB
Shares Issued 855,034,826
Close 2015-04-14 C$ 64.04
Market Cap C$ 54,756,430,257
Recent Sedar Documents

Globe says Keyera, others expanding storage facilities

2015-04-15 06:42 ET - In the News

See In the News (C-KEY) Keyera Corp

The Globe and Mail reports in its Wednesday edition that Alberta's oil patch is in the midst of a storage boom. The Globe's Jeff Lewis writes that Keyera Energy, Kinder Morgan and Gibson Energy are some of the largest players to announce new storage projects of late. Mr. Lewis says oil sands production shows few signs of letting up. Gibson is adding another 900,000 barrels of fresh capacity to its tank operations in the marketing hub of Hardisty, Alta. Keyera and Kinder Morgan are planning to build as much as 4.8 million barrels of new oil storage at Edmonton under a 50-50 joint venture, with potential to expand to 6.6 million barrels depending on future demand. TransCanada and Enbridge are also expanding tank storage facilities. Mr. Lewis sees an export crunch developing. ARC Financial vice-president Jackie Forrest says, "The reason we're getting more storage now is a) because we're getting more production, and b) because we don't have that guarantee that we have enough pipe." Companies such as Teck Resources are poised to dump more crude into a market already grappling with oversupply and tepid demand. Husky Energy and Imperial Oil are also set to start new developments.

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