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Enbridge Down, But Above Day Lows At Moves To Expand Athabasca Pipeline

Canada's Enbridge Inc (ENB.TO) is down 10 cents at $31.71 but is well above a day low of $31.33 - possibly reflecting losses for the broader overall stock market - after saying it will build a new pipeline along the southern section of its existing Athabasca line, from Kirby Lake, Alberta, to Hardisty, Alberta crude oil hub, at a cost of about $1.2 billion.

The company, which is the main transporter of Canadian oil to the United States, said the new pipeline will initially increase capacity between these points by about 450,000 barrels per day (bpd), with low-cost expansion potential to 800,000 bpd, Reuters said. The new line is expected to start by early 2015, with full initial capacity available by 2016, it added.

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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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