Enbridge first-qtr profit rises on higher shipment volumes

　　div classBodysc17zpet90 cdBBJodivpReuters – Canada‘s Enbridge Inc reported a 4.34 rise in firstquarter profit on Friday, as a surge in demand for oil and gas boosted the pipeline operator’s shipment volumes.p

　　pCanada, the worlds fourthlargest crude producer, is looking for ways to boost pipeline utilisation amid surging U.S LNG export volumes to Europe, as it seeks to slash its dependence on Russian energy, following its invasion of Ukraine.pdivdivdiv classBodysc17zpet90 cdBBJodiv

　　pThis has helped Enbridge, which moves about 20 of all gas consumed in the U.S and most of Canadas crude exports to the country. p

　　pEnbridge said it transported 3 million barrels per day bpd on its Mainline system in the first quarter, higher than 2.75 million a year earlier.p

　　pSeparately, the company said it would jointly develop a lowcarbon hydrogen and ammonia production and export facility with energy portfolio company Humble Midstream, at its Ingleside Energy Center EIEC in Texas.p

　　pThe Calgarybased companys adjusted earnings rose to C1.7 billion 1.33 billion, or 84 Canadian cents per share, in the three months to March 31, from C1.63 billion, or 81 Canadian cents per share, a year earlier.p

　　p1 1.2827 Canadian dollarsp

　　p

　　pp Reporting by Rithika Krishna in Bengaluru Editing by Rashmi Aichp

　　divdivdiv classBodysc17zpet90 cdBBJodivdivdiv