Enbridge Announces Commercial Support for Northern Gateway Project

abarrelfullabarrelfull wrote on 25 Aug 2011 05:37
Tags: canada enbridge pipeline

Latest News

{"module":"feed\/FeedModule","params":{"src":"http:\/\/killajoules.wikidot.com\/feed\/pages\/pagename\/blog%3A_start\/category\/blog\/limit\/10\/t\/My+Blog","limit":"3","module_body":"* %%linked_title%%"}}
  • Want a weekly review of refining news?

Enbridge Inc. (TSX:ENB) (NYSE:ENB) announced that Enbridge Northern Gateway Pipelines has filed with the regulator, the National Energy Board, commercial agreements which fully subscribe for long term service and capacity on both the proposed crude oil export pipeline and the condensate import pipeline. After negotiations with Canadian producers and Asian markets, the confidential parties have agreed on commercial terms relating to the long term use of the facilities.

"Commercial support for the project from both Canadian oil producers and Asian markets reinforces the international importance of the project to Canada - facilitating access to world markets and international pricing for Canada's most valuable non-renewable resource," said Janet Holder, Enbridge's Executive Vice President, Western Access. "This support demonstrates the need for Northern Gateway and is a major step forward for the Project.

"Northern Gateway will link two of Canada's most important competitive strengths: our tremendous petroleum reserves and our Pacific advantage - safe deepwater ports that are close to the growing markets of the Pacific Rim. The project has the potential to move Canada into receiving premium prices in the global energy marketplace, rather than the landlocked, one customer price-taker it is today.

"Northern Gateway would provide a tremendous increase in productivity, a $270 billion increase in Canadian GDP over 30 years, that would be felt not just in Alberta, B.C. and Western Canada, but across the entire country for decades to come," said Ms. Holder.

Copies of the pro-forma documents can be found on the NEB website at: http://www.neb-one.gc.ca/fetch.asp?language=E&ID=A30695

Northern Gateway Project is a proposed $5.5-billion 1,177-km twin pipeline system and marine terminal. The proposed project, currently under regulatory review, would transport 525,000 barrels per day (bpd) of oil for export and import 193,000 bpd of condensate.

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License