17:03:53 EDT Fri 26 Apr 2024
Enter Symbol
or Name
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CA



Enbridge Inc
Symbol ENB
Shares Issued 929,112,973
Close 2016-05-19 C$ 52.10
Market Cap C$ 48,406,785,893
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Globe says Enbridge rival's pipeline gets NEB nod

2016-05-20 07:04 ET - In the News

The Globe and Mail reports in its Friday, May 20, edition that the National Energy Board has given a conditional nod to Enbridge rival Kinder Morgan Canada's Trans Mountain oil pipeline expansion project. The Globe's Brent Jang and Shawn McCarthy write that the NEB said Thursday the project must meet 157 conditions. The NEB said, "These conditions would address issues such as safety, protection of the environment and other considerations." The federal cabinet, however, will make the final decision. The board said the benefits outweigh the burdens, and therefore the expanded pipeline will be in the national public interest. The decision comes as pipeline proposals to move oil out of Alberta remain stalled. The Trans Mountain project is seen by some industry experts as having the best chance to succeed. Benefits of the venture include diversifying Canada's energy exports, creating jobs and generating revenue for governments, the NEB report said. The NEB cited Trans Mountain's estimate that the construction phase alone could add $1.2-billion to federal and provincial tax coffers. The NEB ruled that "the effects on the interests of potentially affected aboriginal groups can be effectively minimized."

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