Canada's Enbridge Pledges $6.2 bn for Updating Pipelines
Canadian oil pipeline leader Enbridge announced Friday a $6.2 billion investment to update its North American network, promising to increase capacity and build a new pipeline to the U.S.
"This $6.2 billion investment rounds out our suite of major crude oil new market access initiatives for North American markets," said Enbridge chief Al Monaco in a statement.
"These market access initiatives reflect changing North American supply and demand fundamentals and will create significant value for our customers," he added, noting that the plan was made after consulting with oil producers.
Earlier this year, Enbridge announced separate multi-billion dollar projects to enhance the company's eastern and Gulf coast access.
Number one in pipelines in Canada, Enbridge is making these investments in anticipation of an increase in exports of crude oil to the U.S.