Mexico is looking to refine more of its oil domestically
Enbridge's toll agreement with oil shippers for its Mainline crude pipeline system announced Thursday aims to adds a new risk buffer for the company. It "provides downside protection in the event of supply or demand disruptions or unforeseen cost exposure, a feature that did not exist in the previous Competitive Tolling Settlement," the company said. Once finalized and approved by Canada Energy Regulator , the new deal will be in place through 2028.
The Canadian pipeline giant has been trying to reach a deal with oil shippers on a new tolling agreement since November 2021, when the CER rejected its proposal to lock oil producers into long-term contracts.Enbridge's Mainline network is Canada's largest oil pipeline system, providing about 70 per cent of the total oil pipeline transportation capacity out of Western Canada.