The Northern Gateway Project is a proposed $US5.5 billion, 1,177 km twin pipeline system and marine terminal. The proposed project, currently under regulatory review, would transport 525,000 bbl/d of oil for export while importing 193,000 bbl/d of condensate.

After negotiations with Canadian producers and Asian markets, the confidential parties have agreed on commercial terms relating to the long-term use of the facilities.

Enbridge Executive Vice President, Western Access Janet Holder said “Commercial support for the project from both Canadian oil producers and Asian markets reinforces the international importance of the project to Canada, facilitating access to world markets and international pricing for Canada's most valuable non-renewable resource. This support demonstrates the need for Northern Gateway and is a major step forward for the project.

“Northern Gateway will link two of Canada's most important competitive strengths: our tremendous petroleum reserves and our Pacific advantage – safe deepwater ports that are close to the growing markets of the Pacific Rim. The project has the potential to move Canada into receiving premium prices in the global energy marketplace, rather than the land-locked, one customer price-taker it is today.

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“Northern Gateway would provide a tremendous increase in productivity, a $US270 billion increase in Canadian gross domestic product over 30 years, that would be felt not just in Alberta, British Columbia, and Western Canada, but across the entire country for decades to come,” said Ms Holder.