Taking advantage of demise of Keystone XL pipeline

 

President Biden’s cancellation of the US permit allowing construction of the Keystone XL pipeline is likely to have a positive impact on a rival pipeline in Canada and result in more long-term contracts for Enbridge Inc which runs North America’s Mainline oil network.

Reports indicate Enbridge, based in Canada will sell long-term contracts for most of the Mainline’s capacity.

The Biden move could also create greater importance for the 68-year old Trans Mountain line which was bought by the Canadian government in 2018 reported Reuters.

Click here for the Reuters story.