(Reuters) – Enbridge Inc, Canada’s largest transporter of crude oil, said on Thursday it has reached a 7-1/2 year toll agreement with shippers for its Mainline system.
The agreement, which still requires approval from the Canadian regulator, covers tolls charged for service on both the U.S. and Canadian portions of Enbridge’s Mainline, which moves more than 3 million barrels a day of crude oil and liquids from Western Canada.
“This settlement is a win-win-win – customers will continue to receive competitive and responsive service; Enbridge will earn attractive risk-adjusted returns” Colin Gruending, president of Enbridge’s liquids pipelines segment, said.
The company expects to submit an application for the approval to the Canada Energy Regulator in the third quarter, with the expectation that the new toll settlement could be approved and implemented later this year.
(Reporting by Sourasis Bose in Bengaluru; Editing by Dhanya Ann Thoppil and Shounak Dasgupta)