March 6 (Reuters) - Pipeline operator Enbridge ( ENB )

raised its short-term profit growth forecast on Wednesday and

said it will invest about $500 million in expanding its pipeline

and storage assets to improve its U.S. Gulf Coast presence.

Enbridge ( ENB ), which operates North America's biggest oil

pipeline network, the Mainline, said it will acquire two marine

docks and land from Flint Hills Resources for about $200

million.

The assets are next to Enbridge Ingleside Energy Center, the

largest crude oil storage and export terminal by volume in the

United States.

The company will invest another $100 million on the

expansion of its Gray Oak Pipeline, a 850-mile crude oil

pipeline that connects to some market centers in Texas.

Enbridge ( ENB ) sanctioned about $200 million of offshore pipelines

to service Shell and Equinor's ( EQNR ) planned

offshore oil and gas project Sparta in the Gulf of Mexico.

The investment plans come over a month after Enbridge ( ENB ) said

it will reduce its workforce by 650 jobs, or 5%, in a bid to cut

costs.

The Calgary, Alberta-based firm raised its near-term core

profit growth forecast to between 7% and 9% through 2026, saying

the increase is primarily driven by the acquisitions, announced

in September and expected to close in 2024.

In September, the company said it would acquire three U.S.

gas utility companies from Dominion Energy ( D ) for $14

billion.