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UBS enters into Crude oil Storage Agreement with Enbridge
UBS today announced that its Calgary-based subsidiary, UBS Commodities Canada Ltd., has entered into a crude oil tankage agreement with Enbridge Midstream Inc.
The agreement provides for the construction and operation by Enbridge and long-term lease to UBS of two million barrels of crude oil storage capacity to be located at Enbridge's Hardisty, Alberta, crude oil merchant terminal. Financial details of the agreement were not disclosed.
"This agreement is part of our strategy to increase our capabilities in the crude market," said Rob Milnthorp, CEO, UBS Commodities Canada Ltd., "and we're pleased that Enbridge Midstream Inc. has been able to accommodate our needs."
In Canada, UBS has offices in Calgary, Vancouver, Montreal and Toronto. UBS is the leading financial institution in the physical and financial energy business in Canada, based out of UBS Commodities Canada Ltd.'s office in Calgary. UBS is also the largest institutional trader of Canadian interlisted equities and had the leading market share in 2006. UBS was ranked by Euromoney magazine as the Best Private Bank in Canada in its 2007 survey.
UBS is one of the world's leading financial firms, serving a discerning global client base. As an organization, it combines financial strength with an international culture that embraces change. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses.
UBS is the leading global wealth manager, a top tier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.
UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 39% of its employees working in the Americas, 35% in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific. UBS's financial businesses employ some 78,000 people around the world. Its shares are listed on the SWX Swiss Stock Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
Graeme Harris: Tel. +416 345-7050
New York, March, 13, 2007