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Chavez's -- -- doesn't say who go.
-- Venezuela and by the way Venezuela was one of the original founding members that's redundant I know.
-- well it leaves Venezuela and it's massive oil industry in uncertain territory under Chavez what a disaster the national oil companies production dropped 25%.
He fired 181000.
Workers at once.
Debt climbed to more than thirty billion dollars -- part of those workers by the way because they struck they were little unhappy with the way he was running head of his other big oil company there.
But what does his death mean for oil worldwide what's the trade coming out of fox this -- exclusive mark packing his Enbridge Energy Partners.
President good to have you here -- they carry much less well let's explain right away you are very major you've got all kinds of transportation.
As -- the pipelines moving up and down North Dakota twelve burden to -- -- to Manitoba.
All of these big efforts and you have how much in capacity now running through this pipeline.
What you -- look at our system very complicated system but the largest crude oil pipeline in North America the main line which basically runs from the -- sands region in western Canada I don't through the how western provinces through the great lake states in the US.
Roughly two and a half for 2.2 2.3 million barrels a day of capacity on that system.
Very much depends upon what is moving through the system at any one point in time for heavier the crude the less the capacity but time.
And some very major construction projects under way to expand their court or to move more western Canadian oilsands more -- and crude from North Dakota.
Into the midwest US all we don't of the Gulf Coast of US and then off into the -- region and you lost your gut reaction.
When you saw that the Dutch office -- died knowing that he's pretty much of history that the oil business in that country he he took away you know American companies had a lot of great engineering there.
Everything's now resting because he nationalized stole some of that way what was your first thought.
Well certainly he he was a huge figure and in Venezuela without question -- look at the wealth that Venezuela has in terms of oil resource it's incredible second biggest in the world -- to Saudi Arabia.
The Canadians are very modest to modest to put themselves at number three would -- -- really -- all the oil -- potential candidate they would be number one.
But there is a tremendous opportunity in Venezuela for companies that are.
Willing to take that that leap for talking.
While we have historically operated really in North America that is our our home base and you look at the opportunities we have in the oilsands Canada.
Or North Dakota or other places in the US there's funny happening here whole conventional wisdom.
-- Get people thinking that if that they had -- Saudi Arabia diet or something -- god -- or whatever you know that royals prices would be gyrating a bit there would be concern.
We hit near 52 week lows today what is the trade -- what's your best guess on on the price of oil this year because there is.
Way more supply and of course usage is going.
Yeah that is really -- a great point if you look at consumption of crude oil in North America are really across the globe.
It's north America's been flat -- couple years and in -- and slow decline.
Receive growth is in China Indonesia.
India and that's -- the market's gonna see -- as far as North America goes -- all the growth in production we've seen here.
The tremendous advantage the US and joys of having -- great relationship with Canada somewhat we look at prices -- more insulated against from the world market.
So I think you're your thesis that.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- You have what an eight billion.
Growth project that you hope will hit by 2016.
Your market cap is eight billion you already have six billion in debt again a little worried about a company like that well here's the degree advantage that Enbridge partners has as the relationship upstairs with the Canadian parent and -- -- -- as the market cap of 35 billion dollars.
Very major player in the energy space and Canada.
It is yes strawberry got out of Calgary yes and so it is the general partner the sponsor of Enbridge Energy Partners so.
Historically the parent -- backing you guys but they are here that you couldn't ask for a better debt.
But -- take good care of by Enbridge partners' success of alongside us and some of our major projects and -- at a certain expectation one must question your dividends seven point 9% can you continue with that pace sure we have our assets are basically pick a bottom -- -- very major -- reports from the oil sands resource from the -- into the US.
In that is a sustainable business model for the long run the oil sands resource is hundreds of years of supply the -- and it's going to be a long life resource so.
We expect it will be able to.
Volume gradually increase -- pull over time.
Will be able to certainly continue the good yields -- investors over time we do expect or you'll become dollars in Canada I was asking them about it and a lot of people -- -- -- -- that's all very nice the oil -- but it takes a huge amount of energy to extract -- barrel of -- there.
It is a very intensive processors no question one of the higher cost resources in the world but it is also one of the most secure resources in the world and couldn't ask its first US is concerned.
For a better trading partner -- Canada.
Mark -- thank you very much as think you're gonna -- Mark Mackey of Enbridge Energy Partners closing bell --
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