Deals
Enbridge Plans to Reverse Pipe Between Cushing and Houston
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Enbridge Inc. agreed to pay $1.15 billion for ConocoPhillips’s 50 percent share in the Seaway pipeline and will reverse the flow on the line to carry crude from Cushing, Oklahoma, to the Texas coast.
Enterprise Products Partners LP, owner of the other half of Seaway, will partner with Enbridge on the reversal, which may help ease a bottleneck at Cushing’s storage hub that has caused U.S. oil to trade at a discount to imports.