TransCanada Plans $3 Billion Oil-Sands Line With PetroChina

TransCanada and Phoenix Energy Holdings Ltd. will each own 50 percent of the proposed Grand Rapids Pipeline, which will ship oil 500 kilometers (310 miles) from the Fort McMurray oil- sands production area to Edmonton, according to a statement today. The stake would be the largest taken by a Chinese company in a Canadian pipeline, according to data compiled by Bloomberg.

“This is the first major pipeline project to meet the needs of this fast-growing area,” TransCanada Chief Executive Officer Russ Girling said in the statement.

The plan includes a 900,000 barrel-a-day crude pipeline, and a 330,000 barrel-a-day pipeline for diluent, fluids mixed with tar-like bitumen so it can flow through pipelines. The project is expected to be in service by 2017.

Read Full Article from Bloomberg

- Posted: 2012-10-29 10:33:16

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