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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