The commission has chosen to take no action on a request by Olympic Pipeline Company, Enbridge, and ARCO (a wholly owned subsidiary of BP PLC which currently operates the pipeline) to approve a share purchase agreement between ARCO and Enbridge.
Though Olympic is a public service company subject to commission regulation, the company did not participate in the stock transaction. The stock sale took place between two affiliated interests (BP and Enbridge) which are not regulated, and thus their transaction is not one which the commission decides. (Docket No. 051977, See "Documents" link below for more information).
ARCO became the sole shareholder of Olympic when it purchased Shell Pipeline’s interest in the pipeline. If approved, Enbridge will acquire 65 percent of the outstanding shares of Olympic. ARCO will retain 35 percent.
As it has since July 2000, BP Pipelines will continue to be responsible for all aspects of the operation, maintenance and repair of Olympic’s pipeline system by entering into a 10-year operating agreement.
Although Enbridge will be the majority owner of Olympic, the transaction requires that both shareholders must consent to any major decision affecting Olympic.
The commission is interested in receiving your views regarding this proposal whether in favor or not. Comments may be submitted in writing or presented at the commission’s open meeting on Jan. 25. Written comments may be submitted using the online comment form, or sent by letter to WUTC, P.O. Box 47250, Olympia, WA 98504-7250.
If you would like to be added to the Commission’s mailing list to receive additional information in the future or to be listed as an interested party, please call 1-800-562-6150 (toll-free) and leave your name and complete mailing address.
Posted/updated: 02/14/2006
Document list:
051977 Documents Schedule Orders All
Grade Crossing Protective Fund