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Canada Approves Enbridge Pipeline To West Coast

|Includes: Enbridge Inc. (ENB)

The Canadian government approved the construction of Enbridge's Northern Gateway pipeline. Natural Resources Minister Greg Rickford said that the approval of the proposed pipeline was contingent on Enbridge meeting more than 200 conditions set out by a regulatory panel.

Enbridge CEO Al Monaco said that it would "take about a year, maybe a bit longer" to meet the conditions required before construction could begin.

Leaders of the two main opposition parties in the House of Commons condemned the decision and vowed to stop the project if victorious in next year's federal elections.

In Jul-2013, Enbridge announced its plans to proceed with the construction of the Woodland Pipeline Extension Project.

In Nov-2013, Enbridge was selected by the Fort Hills partners and Suncor Energy to develop a new $1.6 billion pipeline to transport crude oil under long term transportation commitments to Enbridge's mainline hub at Hardisty, Alberta.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.