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Calgary-based Enbridge to cut 650 jobs in effort to shrink costs

North American pipeline operator lists higher interest rates and economic uncertainty as headwinds faced by many industries.

Pipeline operator says cuts will begin next month and be completed by March 1

A row of large white storage tanks are seen from across a barbed wire chainlink fence.

North American energy pipeline operator Enbridge said on Tuesday it will cut its workforce by 650 jobs in a bid to cut costs.

The company said the cuts will begin in February and be completed by March 1. It will reduce vacant positions, contract positions and redeploy staff where possible, Enbridge said.

"Cost reduction measures are necessary to maintain our financial strength, be more cost-competitive and enable us to grow," Calgary-based Enbridge said in a statement.

It said persistent headwinds, including higher interest rates, economic uncertainty and the ripple effects of geopolitical developments, all contribute to increasingly challenging business conditions across many industries.

The company said it did not have specifics on how business units and regions would be affected.

Enbridge, which owns and operates pipelines throughout Canada and the United States, has several core businesses, liquids pipelines, natural gas pipelines, gas utilities and storage, and renewable energy.

It has a workforce of more than 12,000 people, primarily in the U.S. and Canada, according to the company.

The Calgary Herald first reported the job cuts.

Credit belongs to : www.cbc.ca

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