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Enbridge to go ahead with $6.2B plans to ship Canadian, U.S. light oil
CALGARY – Enbridge Inc. and an affiliate are spending $6.2 billion on a series of projects to connect growing U.S. and Canadian light oil supply to market.
The Calgary-based company (TSX:ENB) says it has enough shipper support to go ahead with its light oil access program.
It includes an expansion to a pipeline system in North Dakota, where huge volumes of oil are flowing out of the Bakken shale formation.
It’s also expanding its U.S. mainline system, boosting Canadian mainline terminal capacity and scaling up its eastern pipeline projects.
An additional 400,000 barrels per day of light oil will go to refineries in Ontario, Quebec and the U.S. Midwest.
Enbridge has also boosted its quarterly dividend by 12 per cent to 31.5 cents per share.
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