UPDATE 2-Enbridge sees room for rival eastern pipeline

Wed Nov 7, 2012 1:16pm EST
 
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* Q3 adjusted profit C$0.34/shr vs C$0.35 expected

* Revenue falls 8 pct to C$5.78 billion

* Shares down 1.5 pct

By Scott Haggett and Maneesha Tiwari

CALGARY, Alberta, Nov 7 (Reuters) - Enbridge Inc, Canada's No. 2 pipeline company, said on Wednesday a planned expansion of its eastern Canada oil pipeline network will be able to supply Quebec refineries, but admitted there may be room for a rival project.

The company also reported a 13 percent rise in adjusted third-quarter profit on higher crude oil shipments.

Enbridge plans a major expansion of its lines that carry crude from the oil sands and the Bakken shale-oil field to refineries in central Canada and the U.S. Midwest.

Its Eastern Access Project looks to fully reverse and possibly expand a 240,000 barrel-per-day pipeline that now carries imported oil from Montreal to Sarnia, Ontario.

The project faces competition from larger rival TransCanada Corp, which is mulling the conversion of an under-used natural gas pipeline to carry oil sands crude to refineries in eastern Canada and, perhaps, the U.S. Eastern Seaboard and the Atlantic basin.   Continued...