06:29:04 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Enbridge Inc
Symbol ENB
Shares Issued 846,632,952
Close 2014-09-30 C$ 53.61
Market Cap C$ 45,387,992,557
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Globe says Enbridge pipes will alter energy landscape

2014-10-01 07:02 ET - In the News

The Globe and Mail reports in its Wednesday edition that Enbridge's two new pipelines will significantly boost exports of Alberta oil to Quebec and give the energy industry its first major access to United States Gulf Coast refineries. The Globe's Jeff Lewis writes that Enbridge commences pumping crude through its Line 9 conduit on Nov. 1 and its much larger Flanagan South line by early December. Line 9 would send as much as 300,000 barrels of mainly light crude a day to refineries in Montreal and Quebec City, while Flanagan South is designed to shuttle 600,000 barrels of primarily heavy crude a day to the key storage hub of Cushing, Okla. The oil would move on other pipelines from there to refineries on the U.S. Gulf Coast. The new pipeline connections will help reduce volatility for Canadian oil prices by giving Calgary-based producers -- long beholden to a single market in the American Midwest -- more places to sell crude. ARC Financial vice-president Jackie Forrest says, "But they don't solve the problem in terms of we still have a limited amount of export capacity on pipe leaving Western Canada." Enbridge says it plans to spend $44-billion on projects through 2018.

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