Reuters: Regulatory News: UPDATE 1-Enbridge bid for partial Line 9 reversal approved

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UPDATE 1-Enbridge bid for partial Line 9 reversal approved Jul 27th 2012, 21:25 Fri Jul 27, 2012 5:25pm EDT * Partial reversal of Line 9 approved * Will take crude from Sarnia, Ont., to Westover, Ont. * Full reversal of line expected in 2014 CALGARY, Alberta, July 27 (Reuters) - Enbridge Inc's bid to reverse a portion of its Line 9, now carrying 240,000 barrels per day of crude oil from Montreal to Sarnia, Ontario, has been conditionally approved, Canada's National Energy Board said on Friday. Despite opposition from landowners and some aboriginal and environmental groups, Enbridge will be allowed to reverse a 194-kilometer (102-mile) portion of the line running from Sarnia to Westover, Ontario, to carry cheaper Western Canadian crudes to Imperial Oil Ltd's 112,000 bpd Nanticoke refinery and others. In May, Enbridge, whose lines carry the bulk of Canada's oil exports to the United States, said it plans to reverse the remaining portion of the line by 2014 to take Western Canadian and Bakken crude oil to Montreal at a cost of C$100 million ($100 million). The full reversal is part of a C$3.2 billion plan to boost the size of Enbridge's oil-pipeline system, already the world's largest, to accommodate growing production and bring it to refineries now captive to foreign supplies. The partial reversal is expected to cost $16.9 million. The board imposed 15 conditions on the approval, with most concerning pipeline integrity issues. Enbridge could not be immediately reached for comment. Enbridge shares rose 7 Canadian cents to C$42.12 on the Toronto Stock Exchange on Friday. The approval was announced after the market closed. Link this Share this Digg this Email Reprints

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