Pipeline operator Enbridge just wrapped up a major acquisition from Flint Hills Resources, an independent company based in Wichita,Kansas.
The Canadian firm announced it will invest nearly $500 million in expansion of its pipelilne and storage assets to improve its abilities along the Gulf Coast. Already operating the biggest oil pipeline network in North America, the Mainline, Enbridge has acqired two marine docks and land from Flint Hills Resources in a nearly $200 million deal.
Flint Hills Resouces is a wholly owned subsidiary of Koch Industries, Inc., one of the largest private companies in America.
What Enbridge acquired from Flint Hills Resources is located adjacent to the Enbridge Ingleside Energy Center which is described as the largest crude oil storage and export terminal by volume in the country.
Enbridge said it plans to also invest another $100 million on expanding its Gray Oak Pipeline which is an 850-mile long line connecting some maraket centers in Texas.
Enbridge, known for its attempt to develop the proposed Keystone XL pipeline that was rejected by the Biden administration, also approved $200 million in offshore pipelines to service Shell and Equinor’s planned offshore oil and gas project Sparta in the Gulf of Mexico.
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