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.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.