TransCanada looking for interest in pipeline project

By: Burnerfire

According to the Montreal Gazette, TransCanada Corp is trying to find out whether or not there is interest in their pipeline proposal.

The proposal's current aim is to ship oil from Alberta to New Brunswick. This would replace the current existing natural has pipeline. 

TransCanada is asking for firm commitment from parties that are interested in the project.

Oil would be transported next to an already existing pipeline that extends into Quebec and possibly Saint John, New Brunswick.

If the project were to be established, crude oil transportation would take the place of an already established natural gas pipeline.

The project would also involve a 1,400 kilometer extension into Saint John.

Joe Oliver, the Minister of Federal Natural Resources is interred in the project, stating that the government supports the opportunity to process more Canadian oil. 

Oliver believes that the project will create more Canadian jobs, and make the country less reliant on foreign providers.

TransCanada has stated that they will not file the necessary regulatory applications until enough interest is shown over the next two months.

The Calgary-based company is also hoping for a binding agreement to gain delivery points in Montreal, Quebec City and Saint John.

They hope that by the end of 2017, the project can begin shipping roughly 850, 000 barrels of oil every day.

Enbridge Inc. has also proposed a project that aims to transport oil from the west to the east coast of Canada.

Their project seeks to expand the capacity of a few pipelines in the Great Lake Region. It also seeks to reverse the flow of yet another pipeline between Montreal as Southern Ontario. 

Although supporters believe that these projects would make Eastern Canada less reliant on imported oils, critics have pointed out that it poses the potential for oil spills. 

Without the establishment of either project, over 600,000 barrels of oil were supplied to Eastern refineries every day in 2012.