Shares in pipeline operator Enbridge Inc fell 6 percent on Monday after the comp...
CALGARY, Alberta - Shares in pipeline operator Enbridge Inc fell 6 percent on Monday after the company said its Line 3 oil pipeline would be delayed until the second half of 2020, dealing yet another blow to the struggling Canadian energy industry.
The U.S. state of Minnesota, which Line 3 crosses, told Enbridge it will issue all state environmental permits by November. The company previously expected those permits by the second quarter of 2019. Other proposed Canadian export pipelines, including the Trans Mountain Expansion, are also mired in regulatory delays and concerns about market access are contributing to slowing investment in the energy sector.
Once completed the $9 billion pipeline project will ship 760,000 barrels per day from Alberta to Wisconsin, doubling current capacity.
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