March 26 (Reuters) - Canadian pipeline operator Enbridge ( ENB )

said on Tuesday it would form a venture with I Squared

Capital and pipeline firms WhiteWater and MPLX ( MPLX ) to

connect Permian supplies to the U.S. Gulf Coast to tap into

strong LNG demand for exports.

Enbridge ( ENB ) will have a 19% stake, WhiteWater and I Squared a

combined 50.6% stake while MPLX ( MPLX ) will hold 30.4% in the venture.

The deal is expected to close in second quarter.

U.S. was the largest exporter of LNG in 2023 with several

new export facilities expected to come online by the end of the

decade.

The JV would include 100% interests in Enbridge's ( ENB )

wholly-owned Rio Bravo Pipeline, which connects to NextDecade's ( NEXT )

Rio Grande LNG project in Brownsville, Texas, and the

Whistler pipeline, which transports natural gas from the Permian

to nearly the starting point of the Rio Bravo pipeline.

It will also have a 70% interest in the proposed ADCC

pipeline that would connect to Cheniere Energy's Corpus

Christi LNG export facility and a 50% interest in the Waha Gas

storage.

Enbridge ( ENB ) will fund the first $150 million of the

post-closing capital to complete the Rio Bravo project. It will

also provide $350 million in cash to the venture.

The Permian is largest U.S. oil shale patch and Enbridge ( ENB ) has

disclosed plans to expand its capacity in the basin.

(Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj

Kalluvila)