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Enbridge CEO Monaco touts benefits of pipeline reversal project; Quebec to study

The Canadian Press

Enbridge (TSX:ENB) CEO Al Monaco is touting the benefits of his company's pipeline reversal project on the eve of public hearings on the issue by a Quebec legislative committee.

Monaco told the Canadian Club of Montreal that he's encouraged by the recent co-operation among political leaders regarding energy matters and believes the provincial review of the Line 9B reversal project can complement deliberations by the National Energy Board.

The national regulator is expected to release its decision next year.

Monaco later told reporters that he's confident Quebec will support the project but wouldn't go as far as say it's a "done deal."

While the province can't impose conditions on the federal regulator, he said Enbridge will carefully listen to comments made at the hearing.

Seven days of hearings are expected to conclude Dec. 5. A coalition of Quebec business and union leaders is supporting the line reversal, saying it will preserve thousands of jobs and two Montreal refineries.