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NEWS: TransCanada CEO says we need to “get oil exported on the water”

The Globe and Mail reports that beyond the Keystone XL pipeline project, TransCanada Corp’s interest include, “natural-gas pipeline assets in Mexico and private nuclear power generation through its share in Ontario’s Bruce Power. TransCanada is also proposing the Energy East pipeline, a combination of 3,000 kilometres of converted gas pipeline and up to 1,400 kilometres of new oil pipeline construction that would stretch from Alberta to Montreal, Quebec City and Saint John. The project could see more Western Canadian oil shipped to Eastern Canadian markets, and by tanker to destinations even farther afield.”

TransCanada CEO Russ Girling comments, “If we’re going to be an oil-exporting nation, we’re going to have to get oil exported on the water.”

The Energy East pipeline could carry between 500,000 and 850,000 barrels of crude oil per day from Alberta and Saskatchewan. TransCanada may begin to seek regulatory approvals later in 2013 and the pipeline could be operational by late 2017.

Council of Canadians chairperson Maude Barlow has commented, “This pipeline would pose serious threats to local water supplies and communities along the route. The option then to export to the much larger and more profitable markets of India, China and Europe with massive tankers from the deep water port is also a major concern of ours.”

The company’s annual shareholders meeting takes place this Friday in Calgary.

For more, please read:
A Prime on TransCanada’s West-East Pipeline
NEWS: TransCanada seeks bids for its Alberta-New Brunswick pipeline
NEWS: Cenovus CEO confirms TransCanada pipeline to New Brunswick for export