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Enbridge Up 1.5% As Acquires 50% Interest in Seaway Pipeline

Enbridge Inc. (ENB.TO) was up by 1.5% on the Toronto Stock Exchange, trading 7 cents below day high $35.40, after reportedly announcing that it is spending US$1.5 billion to purchase a half interest in the Seaway crude pipeline from ConocoPhillips Co.

According to the Globe and Mail, the company has unveiled a new plan to ship greater volumes of Canadian and U.S. crude to the Gulf Coast, teaming up with Enterprise Product Partners LP to reverse a 150,000 barrel per day pipeline from Cushing, Okla., to Texas.

Companies: Enbridge Inc.

Price: US$34.59. Price Change: +0.45. Percent Change: +1.3.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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