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Energy Transfer says not slowing construction of Dakota Access pipeline

Published 11/08/2016, 06:55 PM
Energy Transfer says not slowing construction of Dakota Access pipeline
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  • Energy Transfer Partners (NYSE:ETP) says it is not slowing down construction of the Dakota Access oil pipeline despite protests, and is moving equipment to prepare for tunneling under Lake Oahe, even as federal regulators have not yet given a go-ahead to proceed.
  • An Army Corps of Engineers spokesperson reportedly had said yesterday that ETP agreed to slow down construction, a statement the company refutes.
  • The continued construction comes amid pressure from activists on banks financing the pipeline to pull their support; Citigroup (NYSE:C) says it has discussed its concerns with ETP and urged it to reach a resolution with the Standing Rock Sioux Tribe, which contends the pipeline would desecrate sacred grounds and that a spill could contaminate drinking water.
  • Separately, North Dakota regulators are proposing a fine of at least $15K against ETP because it failed to gain their approval to proceed with construction after artifacts were found last month.

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