CALGARY, Alberta Feb 21 Enbridge Inc (ENB.TO)
has rekindled plans for a C$4 billion ($3.96 billion) pipeline
to move oil sands-derived crude to Canada's West Coast so it
can be shipped to Asia in response to demand from producers and
refiners, Enbridge's chief executive said on Thursday.
Enbridge has attracted enough of its customers to fund the
remaining costs to get the Gateway Pipeline project to the
regulatory approval stage, CEO Pat Daniel said.
His company put the 400,000 barrel a day development on the
backburner in late 2006 to concentrate on expanding its
pipeline network in the United States.
"The pull from the other end of Gateway initially was
primarily from the Chinese, but in this initiative the Chinese
are not participants, and the pull ranges from Japan down to
Singapore -- so much broader Southeast Asian interest," Daniel
Daniel told investors at a conference in Whistler, British
In 2005, PetroChina (0857.HK) signed a deal to cooperate
with Enbridge on the project to ship extra-heavy crude across
the Rocky Mountains to the Pacific Coast and consider signing
up for half the 400,000 barrel a day capacity.
Enbridge has now offered 50 percent of the equity in the
project to shippers involved in getting Gateway back on track
and is garnering "good uptake," Daniel said.
Plans for Gateway have called for the proposed pipeline to
extend to a terminal in Kitimat, British Columbia, from
Strathcona County in Alberta. An adjacent line would move
condensate in the other direction.
(Reporting by Jeffrey Jones; Editing by Peter Galloway)