Enbridge unfazed by oil sands chill

AFP

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By Wire services

 21 November 2008 03:49 GMT

Canada’s Enbridge forecasts profit will grow by 10% a year and expects an expansion of its pipelines to the US will not be curtailed by a spate of deferred oil sands projects, its chief executive Pat Daniel said today.

Daniel said in an interview with Reuters that Canada's second-biggest pipeline company, which is in the middle of a C$12 billion (US$9.3 billion) programme to add new lines to carry oil sands crude to US refiners, said the market turmoil has had little impact on Enbridge's growth plans or earnings targets.

"We are very comfortable with 10% (earnings per share) growth per year over the next five years," Daniel said. "That's a result of this C$12 billion of capital programmes we've got under way."

Most major projects in the oil sands have been…

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