UPDATE 2-EnCana dubs new oil sands spinoff "Cenovus"

(Adds details, closes shares.)

CALGARY, Alberta, Sept 30 (Reuters) - Cenovus Energy Inc is the name that EnCana Corp (ECA.TO) is giving the oil-sands and refining division it plans to spin off early next year, the company said on Tuesday.

The moniker mashes together the word "century" and the Latin word for "new."

EnCana, Canada's biggest oil and gas producer, earlier this year said it would split its business into a natural-gas producer, which will keep the EnCana name, and the newly dubbed Cenovus.

Cenovus will control the company's northern Alberta oil sands production and refining joint venture with ConocoPhillips (COP.N), which includes refineries in Illinois and Texas, as well as some Canadian conventional gas properties. Those operations account for about a third of EnCana's business.

Until Tuesday, the spin-off had been known as IOCo and now the company is putting a lot of weight on the newly minted name.

"Cenovus is the newest name in the North American energy business," Brian Ferguson, EnCana's chief financial officer and the designated chief executive of Cenovus, said in a statement. "The name Cenovus successfully captures the essence of what we want our North American integrated oil company to be -- a strong enterprise with a sustainable, innovative and bright future."

The company said it's still working on a logo and brand for Cenovus.

EnCana employees came up with about 350 suggested names for the new firm but in the end it was hired consultants from Strategic Name Development Inc in Minneapolis, Minnesota, who came up with the new title.

Cenovus was one of more than 1,000 potential names for the new company that the consultants bandied about. Before any one of those moved ahead on the list, Strategic Name Development checked to see if it was already copyrighted or held unpleasant connotations in some 20 other languages.

"If any name appears to have a cloud over it we do not present it," said William Lozito, president of Strategic Name Development.

EnCana's split is expected to be wrapped up early next year following a shareholder vote, likely in December.

EnCana shares rose C$2.96 to C$67.96 on the Toronto Stock Exchange. ($1=$1.06 Canadian) (Reporting by Scott Haggett; Editing by Peter Galloway)