Nexen, Cenovus Fund Enbridge’s Northern Gateway Pipeline Project
Nexen Inc. (NXY) and Cenovus Energy Inc. are among the Canadian oil-sands producers that are funding Enbridge Inc. (ENB)’s Northern Gateway pipeline, according to Canadian regulatory documents filed today.
The documents reveal some of the companies funding the C$5.5 billion ($5.43 billion) pipeline, which would ship crude from Alberta’s oil sands to British Columbia. Total SA (FP) and Suncor Energy Inc. (SU) have agreed to transport oil on the pipeline, according to documents filed with Canada’s National Energy Board.
Ten companies have contributed $10 million each to help Enbridge finance the regulatory approval process, Enbridge spokesman Paul Stanway said in October. China Petroleum & Chemical Corp. (600028), also known as Sinopec, was previously the only company that had publicly stated its participation.
Stanway didn’t immediately return a call seeking comment.
The 732-mile (1,177-kilometer) pipeline would carry as much as 525,000 barrels a day from oil-sands projects to Kitimat, British Columbia, where crude could be loaded on tankers bound for Asia.
The NEB is scheduled to begin hearings on the project Jan. 10.
To contact the reporters on this story: Bradley Olson in Houston at bradleyolson@bloomberg.net; Jeremy van Loon in Calgary at jvanloon@bloomberg.net
To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net
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