UPDATE 2-Enbridge to decide on controversial pipeline in 2nd half of 2016

Thu Dec 3, 2015 5:10pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Not giving up on Northern Gateway project -CEO

* Raises qtrly dividend by 14 pct to C$0.53

* Outlines 5-yr growth plan of C$38 bln

* Enbridge Line 9 to generate revenue in December

* Shares close down nearly 4 pct (Adds conference call comments, background, shares)

Dec 3 (Reuters) - Enbridge Inc said it expected to make a decision on whether to go ahead with the controversial Northern Gateway pipeline in the latter half of 2016, though it could not commit to a timeline.

The newly formed Canadian government under Justin Trudeau has announced a ban on tanker traffic along the north coast of British Columbia, effectively slamming the door on Enbridge's C$7.9 billion ($5.92 billion) pipeline.

The pipeline has also faced opposition from environmentalists and Aboriginal groups who fear it will worsen climate change, besides concerns about the risk of a spill.

Chief Executive Al Monaco, however, said on a conference call that the company was not giving up on the project, which would carry oil sands crude from near Edmonton, Alberta, to a deepwater port at Kitimat, British Columbia for export to Asian markets.   Continued...