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2/1/2013 7:02:41 PM
Enbridge (ENB.TO) shares are up more than 1% and near 52 week highs in Canada after regulators in Michigan granted permission for the company to finish replacing an underground pipeline that ruptured and spilled more than 800,000 gallons of oil in July 2010.
The state Public Service Commission late yesterday approved the last of three permits the company needs to construct the Michigan portion of the $1.6 billion project. ENB plans to replace the entire 286-mile-long pipeline, which runs from Griffith, Ind., to Sarnia, Ontario. It also is seeking permits to replace a 60-mile section of the pipeline in northern Indiana.