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Enbridge Inc
Symbol ENB
Shares Issued 929,227,712
Close 2016-07-04 C$ 55.50
Market Cap C$ 51,572,138,016
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Globe says there are alternatives to Enbridge's Gateway

2016-07-05 06:42 ET - In the News

The Globe and Mail reports in its Tuesday edition that chances Enbridge's Northern Gateway pipeline will be built are nil. A Globe editorial says Enbridge is the victim of politics. Even if cabinet approval had not been overturned, the project still faced enormous hurdles. The native peoples who live near the B.C. end of the pipeline, in Kitimat, are opposed to it. For them, the risk of an oil spill to their livelihoods and their way of life is too great to contemplate. Combined with Prime Minister Justin Trudeau's promise to ban tanker traffic in the area and his insistence on greater dialogue with native peoples, it is fairly clear that his cabinet has little intention of ever approving Gateway. Canada, however, still needs a way to get Alberta oil to new markets. The most efficient and safest way to do that is via pipeline. The Globe says the best bet now is Kinder Morgan's Trans Mountain project, which would bring Alberta crude to the Port of Vancouver. The port is more than capable of safely handling the increased tanker traffic. With Gateway all but written off, the PM needs to demonstrate that a project critical to the health of Canada's oil industry can get built in this country.

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