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Enbridge has said the project could be up and running by late 2018. Mr. Monaco said it could get pushed back depending on negotiations with aboriginal groups and the B.C. government.

The federal government on Tuesday accepted last year’s recommendation from the National Energy Board to approve the project subject to 209 conditions, moving Alberta’s landlocked oil producers a step closer to tapping energy demand in fast-growing Pacific markets.

Gateway would transport up to 525,000 barrels of light and heavy crude from Alberta’s oil sands to a new super-tanker port at Kitimat, B.C., allowing Canada’s oil industry to bypass the U.S. Midwest, which is increasingly flush with shale oil. A twinned line would import 193,000 barrels a day of oil-thinning condensate.

Since it was first proposed more than a decade ago, the $7.9-billion project has generated reams of regulatory filings, sparked protests from aboriginal and environmental groups, and driven a wedge between governments in Alberta and B.C.

But the contentious oil pipeline is just one of $36-billion in growth projects Enbridge considers commercially secure through 2017. Another $5-billion worth of projects is still in development, the company says.

Some analysts say Gateway by itself — whether it’s built or delayed indefinitely — is unlikely to move the needle on Enbridge’s outlook. The company is targeting earnings per share growth of 10% to 12% through 2017.