Boston, MA 05/07/2014 (wallstreetpr) – The pipeline operator Enbridge Inc (USA) (NYSE:ENB) reports its 1Q2014 performance results today. The company has in recent times hailed its operations supported by the robust oil and gas drilling and production activities in North America.
However, as the company reports 1Q that is widely expected to be positive, it has already achieved something remarkable in the current quarter. The company finally received approval for a new oil tank between Ring Road and Co-op Refinery in Regina.
The new tank will feature 190,000 barrels of oil capacity, therefore, being able to meet the demand for oil storage. Moreover, the new tank will also come with improved technology that is capable of meeting the current storage conditions. The new tank will replace a 50,000 barrel tank that has existed for about 50 years.
Enbridge Inc (USA) (NYSE:ENB) said the new higher capacity tank has a minimum lifespan of between 20 and 30 years.
Council objection
Though the company had already won the approval of the federal and provincial regulators for the tank replace, Regina City Council raised concerns about the whole project of tank replacement and caused a delay. The council officials were concerned about potential environmental impact of the project given that the oil tank that needed replacement is close to the aquifer.
There were fears that leaks could affect the water and air quality in Regina. However, Enbridge Inc (USA) (NYSE:ENB) addressed the issues with the council officials and eventually obtained a nod to go ahead with the facility replacement.
The company expects the tank replacement to effectively improve its operations and oil handling ability, therefore, enhancing customer experience.
Power outage
Meanwhile, Enbridge Inc (USA) (NYSE:ENB) has announced that a key facility has been shut down following power outage in Saskatchewan. The company reported that power supply to Line 4 pipeline was interrupted due to strong winds and icy conditions that affected power poles. However, it promised to bring the facility up and running before long, today if possible. Line 4 handles about 796,000 barrels per day.
