from Globe & Mail
http://www.theglobeandmail.com/report-on...gBusinessBriefing&utm_campaign=106556790
TransCanada Corp. is proceeding with a $12-billion plan to ship 1.1-million barrels of western crude per day to eastern Canada and will join with Irving Oil Ltd. to build a new deep-water export terminal off Saint John, N.B., the company said Thursday.
After receiving commitments from shippers, TransCanada has increased the capacity of the project by 30 per cent from previous levels, an indication that western producers are keen to diversify their markets beyond the U.S. and are uncertain about prospects for a route through British Columbia to the west coast.
“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.”
While producers will have the option to ship their crude to two refineries in Quebec or use ports in that province to export,
TransCanada (also) said it has formed a partnership with Irving to construct a new offshore facility that can accommodate the largest crude tankers, a move that would make it economical to access far-flung Asian markets.
The project – labelled a “nation builder” by New Brunswick Premier David Alward – has been endorsed by provincial and federal politicians, though Quebec Premier Pauline Marois said last week her province would have to study the proposal once TransCanada releases its detailed plans.
The T&T today also implied there is the strong likelihood of a refinery expansion in Saint John once the pipeline is completed....
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