Enbridge is forming a joint venture to build and operate natural gas pipelines connecting gas supply from the Permian Basin to the U.S. Gulf Coast to tap into growing LNG export demand
, the Canadian-based pipeline giant said on Tuesday. Enbridge has entered into a definitive agreement with WhiteWater/I Squared Capital and MPLX LP to form a joint venture that will develop, construct, own, and operate natural gas pipeline and storage assets connecting Permian gas with the Gulf Coast. Enbridge will own 19% of the joint venture, with the other co-owners WhiteWater/I Squared with 50.6% and MPLX with a 30.4% stake.
0 Bcf gas storage cavern facility, with additional topside facilities capable of injection and withdrawal. About 98% of capacity on these pipelines is contracted under long-term, take-or-pay contracts with an average contract length greater than 10 years, Enbridge said.
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