Enbridge rises to 71pc in Cabin gas plant, B.C

IRJ – November 2 –Canadian energy giant Enbridge (TSX:ENB) has upped its stake in the the Cabin Gas Plant Development, British Colombia, by 13.3 per cent to a total ownership portion of 71 per cent. The purchase, at approximately $57.7 million, follows ENB’s decision to obtain 57.6 per cent stake in the plant for $250 million in early October.

“We look forward to working with producers in this region as they develop the potential of the Horn River basin and other shale gas opportunities,” ENB gas pipeline president Al Monaco stated.

The development in the Horn River Basin’s gas-rich shale formation, operated by natural gas major Encana Corp. (TSX:ECA), comprises of two phases on track for commercial operation in late 2012 and the third quarter of 2014 respectively. Reports state that upon project completion, ENB’s investment in the Cabin plant will be in the region of $1.1 billion.

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