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Northern Gateway Backers Step Forward: report

A series of corporate backers of the controversial $6.6 billion Northern Gateway pipeline have revealed themselves in filings with the National Energy Board, the Globe and Mail reported.

It said Cenovus Energy Inc. (CVE.TO), MEG Energy Corp. (MEG.TO), Nexen Inc. (NXY.TO), Suncor Energy Marketing Inc. (SU.TO), and Total E&P Canada ( TOT ) all support the project.

Of those, Cenovus and MEG identified themselves as funding participants, part of a group of companies that have together spent $100 million toward pre-construction work on Gateway, which would transport Alberta oil to the West Coast for export to Asia and California.

The remainder, including MEG, say they have signed precedent agreements, a first step toward committing volumes of crude oil to the tip, it said.

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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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