Canada OKs Reversal of Ontario Oil Pipeline

Date : 07/27/2012 @ 5:53PM
Source : Dow Jones News
Stock : Imperial Oil Limited (IMO)
Quote : 29.31  -0.41 (-1.38%) @ 4:15PM

Canada OKs Reversal of Ontario Oil Pipeline

Enbridge (NYSE:ENB)
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By Edward Welsch

CALGARY, Alberta--The Canadian government on Friday approved Enbridge Inc.'s (ENB) proposal to reverse the flow of its Line 9 oil pipeline from Sarnia to Westover in Ontario.

The reversal will allow Enbridge customer Imperial Oil Ltd. (IMO) to feed its Nanticoke refinery with cheaper crude oil stocks from western Canada.

It is also the first stage in Enbridge's plan to reverse the Line 9 pipeline all the way to Montreal, so that refineries there including one operated by Suncor Energy Inc. (SU) could also replace their current higher-cost imported crude oil feedstocks with western Canadian oil.

Some environmental groups and citizens opposed the reversal at public hearings in May, saying they didn't want the pipeline's reversal to support the growth of the oil sands industry in Western Canada.

Enbridge said in May the full Line 9 reversal could ship up to 240,000 barrels a day to Montreal by early 2014.

Write to Edward Welsch at edward.welsch@dowjones.com

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