growing interest from refiners in Singapore and JaGlobe/wire say Enbridge latching on to gains at Gateway
Enbridge Inc (C:ENB)
Shares Issued 371,351,398
Last Close 7/31/2008 $44.93
Friday August 01 2008 - In the News
The Globe and Mail reports in its Friday, Aug. 1, edition that Enbridge said Thursday it is making big strides with a multibillion-dollar plan to ship crude from Canada's oil sands to Asia. A Reuters dispatch to The Globe reports that Enbridge also reported a more than fourfold jump in second quarter profit. Enbridge also boosted its forecast for 2008 earnings. The company aims to file its regulatory application for the Gateway pipeline in the first quarter of next year, having secured $100-million in financing for the effort from oil sands producers and Asian refiners. Chief executive officer Patrick Daniel says, "We've now held a number of joint project meetings with them to get their guidance and direction and input on the project and have got very strong support to move this along as quickly and promptly as we can." Enbridge had put Gateway on the backburner to move ahead with its extensive United States pipeline expansion plans, but remounted the proposal early this year amid growing interest from refiners in Singapore and Japan. Mr. Daniel declined to disclose the players pushing the proposal ahead. Mr. Daniel says Gateway is in "Canada's national and best interest and we see momentum building."