Enbridge says without projects like Northern Gateway producers can’t access Asia
Company CEO Al Monaco says controversial pipeline is strategic project for Canada
TORONTO—Enbridge chief executive Al Monaco says the company’s controversial Northern Gateway project is a strategic project for Canada.
Without access to the West Coast, Monaco says, oil producers will face a further discounting in prices in the North American market caused by a supply glut at a key storage hub in Cushing, Okla.
The glut has caused oil priced at Cushing—the WTI benchmark—to trade at a discount to other international benchmarks.
A joint review panel has been holding public hearings on the project this year and is expected to report by the end of next year.
The $6-billion Northern Gateway pipeline project has faced significant opposition from groups concerned about what a spill from the pipeline, or from a tanker on the West Coast, could do to the environment.
B.C. Premier Christy Clark has also set out five conditions before her government will back the project.