UPDATE: TransCanada Partners with Phoenix Energy to Develop Grand Rapids Pipeline System; TransCanada Edges Up 1%
TransCanada Corporation (TRP.TO) has entered into binding agreements with Phoenix Energy Holdings Limited (Phoenix) to develop the Grand Rapids Pipeline project in Northern Alberta.
TransCanada and Phoenix will each own 50% of the proposed $3 billion pipeline project that includes both a crude oil and a diluent line to transport volumes approximately 500 kilometres between the producing area northwest of Fort McMurray and the Edmonton/Heartland region.
The system will have the capacity to move up to 900,000 barrels per day of crude oil and 330,000 barrels per day of diluent. TransCanada will operate the system and Phoenix has entered a long-term commitment to ship crude oil and diluent on it.
TRP edged higher by 40 cents, or about 1%, to $44.80 in moving closer to year high $46.29.
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