12th Dec 2005 16:40
BP PLC12 December 2005 The following press release was issued in the USA at 0800 PST today. BP Partners with Enbridge Inc on Olympic Pipe Line Ownership December 12, 2005 - Renton, WA - BP, operator of Olympic Pipe Line, announcedtoday that it has partnered with Enbridge Inc, who will now, for a considerationof US$101.9 million, own a majority - 65% share - of Olympic. Enbridge andBP will seek any necessary state and federal approvals regarding thetransaction. "BP retains complete operatorship of the pipeline, as it does today," said ChrisMaudlin, Olympic's President. "The day-to-day operations of the Olympic PipeLine will continue unchanged and BP will continue to operate the pipeline withsafety as our top priority." Enbridge Inc., is a leader in energy transportation and distribution in NorthAmerica and internationally. As a transporter of energy, Enbridge operates theworld's longest crude oil and liquids transportation system, in Canada and theU.S. BP's shareholder representative Bobby Talley said, "We have found a partner inEnbridge that shares our vision and commitment to safe and quality operations,a cornerstone of our pipeline operations across North America and around theworld." Olympic plays a major role in the transportation infrastructure of the WesternUSA, supplying up to 325 thousand barrels of fuel per day for the citizens ofSeattle and other metropolitan areas up and down the I-5 corridor. It is the major supplier of jet fuel to Sea-Tac International Airport andPortland International Airport as well. BP Pipelines (North America), Inc. adheres to the highest standards of safetyand has taken comprehensive steps to meet and exceed current state and federalpipeline safety and environmental regulations. Further information:Michael Abendhoff +1 360)371-1519Bill Kidd + 1 360 303-5349 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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