Resource News

A joint review panel has recommended that the Canadian federal government approve the Northern Gateway pipeline being proposed by Enbridge (NYSE:ENB,TSX:ENB).

A joint review panel has recommended that the Canadian federal government approve the Northern Gateway pipeline being proposed by Enbridge (NYSE:ENB,TSX:ENB).

The decision comes after six months of hearing in 21 communities in B.C. and Alberta, through which the proposed $7.9 billion pipeline would cross. However, the approval is contingent on Enbridge complying with 209 conditions including coming up with a plan to protect marine mammals and to have a heavy oil cleanup strategy in place, reported CBC News.

As quoted in the market news:

“After weighing the evidence, we concluded that Canada and Canadians would be better off with the Enbridge Northern Gateway project,” said the panel in its roughly 500-page report.

The final decision, however, rests with the federal government, which has 180 days to decide. The government can approve or deny the application, but cannot change the conditions put forward by the panel. However, it can request the National Energy Board (NEB) to change the conditions.

Enbridge said that if the project is approved that construction could start in 2014 and be completed by 2018.

Read the full CBC story

Featured

MARKETS

Markets
TSX20197.61+15.69
TSXV702.09-3.49
DOW31261.90+8.77
S&P 5003901.36+0.57
NASD11354.62-33.88
ASX7145.60+81.10

COMMODITIES

Commodities
Gold1860.68+14.90
Silver22.13+0.34
Copper4.31+0.03
Palladium2032.00+65.00
Platinum977.00+18.00
Oil111.72+1.44
Heating Oil3.66+0.04
Natural Gas7.97-0.12

DOWNLOAD FREE REPORTS

×