TransCanada — Energy East Pipeline — Project Announcement News Conference

• published: 02 Aug 2013
• views: 3111

TransCanada announces that it will proceed with 1.1 million barrel per day (bbl/d) Energy East Pipeline Project to Saint John, N.B.,based on binding, long-term contracts received from producers and refiners. The conclusion of the successful open season confirmed strong market support for a pipeline with approximately 900,000 bbl/d of firm, long-term contracts to transport crude oil from Western Canada to Eastern Canadian refineries and export terminals. The project is expected to cost approximately $12 billion, excluding the transfer value of Canadian Mainline natural gas assets. The Energy East Pipeline will have a capacity of approximately 1.1 million bbl/d and is anticipated to be in service by late-2017 for deliveries in Québec and 2018 for deliveries to New Brunswick. The Energy East Pipeline project involves converting a portion of natural gas pipeline capacity in approximately 3,000 kilometres (1,864 miles) of TransCanada's existing Canadian Mainline to crude oil service and constructing approximately 1,400 kilometres (870 miles) of new pipeline. The pipeline will transport crude oil from receipt points in Alberta and Saskatchewan to delivery points in Montréal, the Québec City region and Saint John, New Brunswick, greatly enhancing producer access to Eastern Canadian and international markets. The pipeline will terminate at Canaport in Saint John, New Brunswick where TransCanada and Irving Oil have formed a joint venture to build, own and operate a new deep water marine terminal. TransCanada's president and CEO, Russ Girling, and TransCanada's president of energy and oil pipelines, Alex Pourbaix, hosted a news conference in Calgary, Alta., on Thursday, Aug. 1, to discuss the proposed Energy East project. "We are very pleased with the outcome of the open season for the Energy East Pipeline held earlier this year and are excited to move forward with a major project that will bring many benefits across Canada," said Girling. "This is an historic opportunity to connect the oil resources of western Canada to the consumers of eastern Canada, creating jobs, tax revenue and energy security for all Canadians for decades to come." Visit www.EnergyEastPipeline.com or www.OleoducEnergieEst.com for more infomation about the Energy East Pipeline Project.