Enbridge Inc on Monday said that it will expand its liquids storage capabilities and connections through an acquisition of a facility from Blueknight Energy Partners, L.P. in Cushing, Oklahoma.
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 $132-million-dollar 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 added.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
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