TransCanada Corporation (
) shares are up 1% to $48.85 after announcing it is going ahead
with its Energy East Pipeline project and will start by hold a
binding open season to obtain firm commitments from interested
parties for a pipeline to transport crude oil from Western Canada
to Eastern Canadian markets.
The Energy East Pipeline project involves the conversion of a
natural gas pipeline capacity in about 3,000 km of its existing
Canadian mainline to crude oil service and constructing up to 1,400
km of new pipeline. Subject to the results of the open season, the
project will have the capacity to transport as much as 850,000
barrels of crude oil per day, greatly enhancing producer access to
markets in Eastern Canada, the company said.
Following the completion of the open season, if it is
successful, TransCanada said it aims to go ahead with regulatory
applications to construct and operate the facilities, with a
potential on line date of late-2017.
The approval of TRP's most popular, and controversial project:
The Keystone Pipeline is still pending. The latest oil spill in
Arkansas has invigorated environmentalist who are in staunch
opposition to the project. However, the majority of Americans
remain in favor of the proposed pipeline. A research report by Pew
released today showed 66% of Americans support building the
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