Enbridge (TSX:END) president and CEO Patrick Daniel was in Toronto Thursday attempting to turn his $5.5 billion Northern Gateway project into an election issue.
Speaking to an audience of more than 300 business and policy leaders, Daniel said the controversial twin-pipeline system could transform Canada into a global energy player.
“We could be a global player, but today we’re merely a price taker, particularly with regard to oil and gas. Our Northern Gateway project will propel Canada into that league – without it we stay trapped in North America,” Daniel said.
“As we go into this election campaign, I hope that you will help me explain to our leaders that Canada needs to be a more prominent world player.”
The proposed pipeline system would ferry crude oil from Edmonton to Kitimat where it could be exported to energy-hungry markets along the Pacific rim, allowing Canada to diversify its market base for oil and become far less reliant on the U.S.
But environmentalists and First Nations groups throughout B.C. have vehemently opposed the project, raising concerns that a spill could not only damage B.C. land but also devastate coastal waters and fisheries.
Daniel said Northern Gateway would deliver an additional $270 billion to Canada’s economy over 30 years, comparing it to the St. Lawrence Seaway that was opened in 1959.
“Canada’s sole market for petroleum exports today – the United States – presents us with a second problem beyond our dependence … it’s not growing much,” he said. “Projections are that American markets will remain flat for the foreseeable future.”
On Wednesday, U.S. president Barack Obama proposed to cut oil imports by one-third over the next decade, though he said Canada would remain a key energy provider.