Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

UPDATE 1-Enbridge says Line 3 pipeline project operational date uncertain

Published 2017-12-12, 11:47 a/m
Updated 2017-12-12, 11:50 a/m
© Reuters.  UPDATE 1-Enbridge says Line 3 pipeline project operational date uncertain

CALGARY, Alberta, Dec 12 (Reuters) - The start date for Enbridge Inc's ENB.TO C$8.2-billion ($6.52 billion) Line 3 pipeline replacement project is uncertain and could be as late as November 2019, the company said on Tuesday.

The Alberta-Wisconsin Line 3 and other North American energy infrastructure projects are facing increasing opposition from environmentalists, aboriginal groups and local governments. company has said the new Line 3, which replaces an aging one, would start shipping oil in the second half of 2019.

"Until we get to the point where the construction plan can be fully optimized, it is very difficult to be precise about exactly when the project can come into service," Enbridge Executive Vice President Guy Jarvis told investors in New York on Tuesday.

"Our goal is to be in service as early as possible in Q3, with an outer range for the window of expectation of Nov. 1, 2019."

The Line 3 replacement project, Enbridge's largest project to date, doubles the capacity of the existing line to 760,000 barrels per day.

Producers in Canada's oil heartland of Alberta, whose landlocked crude trades at a discount to the West Texas Intermediate benchmark, say they need additional export capacity to attain higher prices.

But efforts to build new pipelines have faced challenges. TransCanada's Keystone XL project, has been in development for nearly a decade, while Kinder Morgan (NYSE:KMI) Canada Ltd said last month its KML.TO KMI.N Trans Mountain expansion would be delayed for nine months.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.