Read this story from the Canadian Press via Global TV on the surprise announcement by Enbridge CEO Patrick Daniel that he is stepping down – while his company faces an uphill challenge for its proposed Northern Gateway Pipeline. (Feb. 27, 2012)
CALGARY – The outgoing CEO of pipeline giant Enbridge Inc. said Monday he has no qualms about leaving the company while its controversial West Coast pipeline project remains in limbo.
The Calgary-based crude shipper (TSX:ENB) said Monday that Pat Daniel, 65, will leave his post by the end of the year and Al Monaco, the head of the company’s gas pipeline, green energy and international businesses, will take the reins.
Speaking to reporters at Enbridge’s head office, Daniel said the $5.5-billion Northern Gateway proposal is an important project to Enbridge, but there are other important proposals to ship crude east and south in the hopper, too.
“Gateway of course gets a lot of press, and is very, very important for the country, and for Enbridge, and I feel very very committed to it personally. It’s been 12 years since we started the concept,” said Daniel.
“But it’s going to take some time to work its way through. We’re very confident it will ultimately get approved. And we’ve got such great young talent in this company. I just don’t want to stand in the way.”
Enbridge faces steep challenges in its efforts to build twin pipelines connecting Alberta to the West Coast — one that would carry oilsands crude westward for export, and one that would bring imported condensates inland for use in the oilsands.