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Enbridge Gets Regulatory Approval for Bakken Pipeline; Shares Lower in TSX, U.S.

Enbridge Inc. (ENB.TO) announced today that Canadian regulators have approved its plans to build a new C$180 million ($176 million) pipeline to move oil out of the underserved but prolific Bakken and Three Forks oilfields, according to a Reuters report.

According to the report, the National Energy Board decided there was enough commercial interest to support construction of the 123-km (76-mile) Bakken pipeline project, which will carry 145,000 barrels of oil a day from Steelman, Saskatchewan, to a link with the company's mainline system at Cromer, Manitoba.

ENB shares edged off almost 1% to $37.55 on the Toronto Stock Exchange at midday from yesterday's $37.92 close. The company's shares are also in the red in the United States at $36.81.

Companies: Enbridge Inc.

Price: US$36.81. Price Change: -0.26. Percent Change: -0.7.

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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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