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(Bloomberg) -- Enbridge Inc. Chief Executive Officer Greg Ebel said it would be difficult to revive the scrapped Northern Gateway oil pipeline proposal without major legislative changes that would help such projects move forward in Canada.
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The pipeline — which was halted by a court in 2016 and later rejected by Prime Minister Justin Trudeau — would have hauled oil from Alberta to a Pacific port in northern British Columbia. That would have allowed Canadian producers to sell crude to markets in Asia and reduce their dependence on the US, an idea that has gained renewed momentum as President Donald Trump threatens to impose tariffs on imports from the country.
“It would be very difficult to bring that project back without looking at those types of things, big legislative changes, that show projects like that are of the national interest,” Ebel said in an interview on Bloomberg Television on Friday.
Enbridge is instead focused on “quick-hit” projects that provide good returns and don’t require much permitting, Ebel said.
The Calgary-based company on Friday posted fourth-quarter adjusted earnings per share that matched analysts’ estimates. The shares fell 4.7% to C$61.60 at 10:58 a.m. in Toronto.
--With assistance from Katie Greifeld, Matthew Miller and Sonali Basak.
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