TransCanada proceeds with energy east pipeline

TransCanada Corporation will be moving forward with the 1.1 million barrel per day (bpd) Energy East Pipeline project 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 bpd of firm, long-term contracts to transport crude oil from Western Canada to Eastern Canadian refineries and export terminals.
The Energy East Pipeline project involves converting a portion of natural gas pipeline capacity in approximately 3,000 kilometers of TransCanada’s existing Canadian Mainline to crude oil service and constructing approximately 1,400 kilometers 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 deepwater marine terminal.
While Energy East will use a portion of Canadian Mainline capacity, TransCanada is committed to continuing to meet the needs of its gas customers in eastern Canada and the North-east United States.
The project is expected to cost approximately US$12 billion, excluding the transfer value of Canadian Mainline natural gas assets. The Energy East Pipeline is expected to be in service by late 2017 for deliveries in Québec and 2018 for deliveries to New Brunswick.
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