NextDecade and Enbridge Announce Strategic MOU for the Development of Rio Bravo Pipeline for the Rio Grande LNG Project
NextDecade and Enbridge Announce Strategic MOU for the Development of Rio Bravo Pipeline for the Rio Grande LNG Project |
[18-September-2019] |
HOUSTON, Sept. 18, 2019 /PRNewswire/ - NextDecade Corporation (NextDecade) (NASDAQ: NEXT) and Enbridge Inc. (Enbridge) (TSX: ENB) (NYSE: ENB) announced today a Memorandum of Understanding (MOU) to jointly pursue the development of the Rio Bravo Pipeline (Rio Bravo) and other natural gas pipelines in South Texas to transport natural gas to NextDecade's Rio Grande LNG project located in Brownsville, Texas. Rio Bravo is designed to transport 4.5 billion cubic feet per day of natural gas from the Agua Dulce area to Rio Grande LNG.
Matt Schatzman, NextDecade's Chairman and Chief Executive Officer said, "Enbridge is one of North America's leading energy infrastructure companies and we look forward to exploring a strong partnership in South Texas. With its Texas Eastern Pipeline and recently completed Valley Crossing Pipeline, Enbridge has extensive permitting, construction, and operating experience in the State of Texas, especially in South Texas." Bill Yardley, Enbridge's President of Gas Transmission and Midstream said, "We are excited to be working with NextDecade for pipeline solutions to the Rio Grande LNG facility. Our existing infrastructure fits very well with the Brownsville location. This is a continuation of our strategy to bring our major projects execution and permitting capability to the expanding LNG export efforts in North America." The companies anticipate finalizing definitive documentation reflecting the terms of the MOU in the fourth quarter of 2019. About NextDecade Corporation NextDecade Forward-Looking Information Additionally, any development of the Project remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws. About Enbridge Inc. Enbridge Inc. Forward-Looking Information Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for Enbridge's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which Enbridge operates and may impact levels of demand for Enbridge's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather and customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes. Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements. News from Enbridge Inc. and Next Decade Corporation. FOR FURTHER INFORMATION PLEASE CONTACT: Media - Enbridge Investment Community - Enbridge Media – NextDecade Investors - NextDecade
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Company Codes: NYSE:ENB, Toronto:ENB, NASDAQ-SMALL:NEXT |
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