UPDATE: Enbridge Gets Regulatory Approval for Bakken Pipeline; Shares Lower After Hitting Record Highs on TSX Earlier
Enbridge Inc. (ENB.TO) is lower late Friday having earlier hit a new record high of $38. Enbridge announced today that Canadian regulators have approved its plans to build a new C$180 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.
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