TransCanada to build new pipeline to US
The TransCanada Company announced that it has been granted permission to build a USD 5.2 billion pipeline to export crude oil to the United States.
The TransCanada Company in a statement said that "The US Department of State issued a presidential permit to Keystone authorizing the construction, maintenance and operation of facilities at the United States and Canada border to transport crude oil between the two countries.”
Mr Hal Kvisle president & CEO of TransCanada said that the construction of the Keystone pipeline will begin in the second quarter of 2008 and will be completed at the end of 2009. He added that the 3,456 kilometer pipeline would increase oil imports from Canada by as much as 4.5% of total US daily imports and it will be capable of transferring 590,000 barrels of oil per day from Alberta to refineries in Illinois and Oklahoma.
According to the State Department, Canada has been the largest crude supplier to the US since 2004. It supplied 2.3 million barrels of oil per day in 2006, equivalent to 17% of total US imports.
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