Backing for gatewayGlobe & Mail (Toronto, Canada), January 21, 2011 Byline: Nathan VanderKlippe OIL AND GAS Enbridge Inc. has confirmed that a major Chinese oil company is among the companies supporting its controversial Northern Gateway Pipeline project. Sinopec International Petroleum Exploration and Production Co. has contributed part of the $100-million that potential shippers have invested to help Enbridge gain approval for the project, which would carry oil sands crude to Pacific tidewater and provide Canada’s first major crude outlet to Asian markets. “They’ve got a right to take capacity on the pipeline and a right to take equity,” Enbridge chief executive officer Pat Daniel said at the CIBC Institutional Investor conference in Whistler, B.C., on Thursday.
He declined to give more details on how much Enbridge has received from the Chinese company, or on who else is involved. He reiterated the Enbridge argument that, in opening a competitive new market, the $5.5-billion Gateway project could boost the price of each barrel of Canadian crude by $2 to $3. “We think it’s hugely in Canada’s national best interest to have a second outlet for our crude oil.” Mr. Daniel acknowledged that opposition has been fierce, particularly among B.C.’s first nations.
And, he added, provincial political changes afoot could prove difficult; Premier Gordon Campbell’s departure has created an opening for the NDP, which has opposed Gateway. “I’ll put a big question mark as to where the politics go in B.C.” Report on Business Company Snapshot is available for: ENBRIDGE INC. Nathan VanderKlippe Full Text: COPYRIGHT 2011 The Globe and Mail Inc. http://www.globeandmail.com
Source Citation “BACKING FOR GATEWAY.” Globe & Mail [Toronto, Canada] 21 Jan. 2011: B3. Oppo sing Viewpoints In Context. Web. 6 Mar. 2013.
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