The Financial Post reports in its Saturday, Nov. 3, edition that Enbridge is looking at options to help clear a glut of oil in Western Canada, but chief executive officer Al Monaco counselled patience Thursday as all solutions will take time.
The Post's Dan Healing writes that Enbridge posted adjusted earnings of $933-million in the third quarter, up from $632-million a year ago, in part because of increased crude volumes and revenue on its Mainline system out of Western Canada.
Mr. Monaco said in a conference call: "From what we see from our vantage point, storage levels are at a record high and while rail is providing some relief, it's not enough to bring in the very wide discount (prices). All of that means our Mainline is running very full these days for both heavies and lights. It's not news that these price dislocations scream for new infrastructure and that's what we're focused on." Light oil discounts have also hit multiyear highs.
Enbridge expects to obtain final permits in Minnesota in time to begin construction in the first quarter on its $9-billion Line 3 replacement pipeline, which would allow it to be in service in the fourth quarter of 2019.
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