17:21:43 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Enbridge Inc
Symbol ENB
Shares Issued 848,767,814
Close 2014-11-17 C$ 50.96
Market Cap C$ 43,253,207,801
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Globe says Enbridge has a new Gateway doubter

2014-11-18 06:16 ET - In the News

The Globe and Mail reports in its Tuesday, Nov. 18, edition that China is the latest doubter of Enbridge's chances of succeeding in developing its Northern Gateway pipeline. The Globe's Jeff Lewis writes that Wang Xinping, the Chinese consul general in Calgary, says Enbridge's proposed $7.9-billion pipeline from Alberta to the West Coast faces a "mountain of difficulties." The diplomat is not hopeful the contentious project will see the light of day. Mr. Lewis says the comment is a rare expression of doubt in Gateway's future from one of the project's key supporters, as the energy industry seeks alternative ways to ship booming oil sands production to growth markets. Chinese-controlled Nexen Energy ULC and Sinopec have already coughed up $10-million apiece to cover a portion of the project's regulatory expenses. Years of delays, however, have driven up costs and stoked uncertainty about the pipeline. Enbridge chief executive officer Al Monaco this month declined to discuss the magnitude of the expected cost increase with analysts. He said Enbridge was reviewing the revised estimate with oil-company shippers and that the new price tag would be "significantly higher" than earlier projections.

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