8.6 C
New York
Sunday, September 26, 2021
Home Business Trans Mountain pipeline expansion on schedule and on budget after 1st year,...

Trans Mountain pipeline expansion on schedule and on budget after 1st year, says CEO


A year after construction was allowed to restart on the Trans Mountain pipeline expansion, its chief executive says it is on budget and on schedule for completion by the end of 2022.

In an interview, CEO Ian Anderson says the project is advancing as expected despite challenges including the COVID-19 pandemic, a global slump in demand for fuel, a $5.2-billion rise in its estimated cost to $12.6 billion in February and ongoing protests by opponents.

The expansion project is designed to triple the capacity of the existing pipeline between Edmonton and a shipping terminal in Burnaby, B.C., to about 890,000 barrels per day of products, including diluted bitumen, lighter crudes and refined fuels such as gasoline.

Pipeline full

Anderson says the existing pipeline ran completely full at the height of the pandemic’s dampening impact on North American fuel demand, unlike competing export oil pipelines such as Enbridge Inc.’s Mainline system, a fact he attributed to its ability to reach diverse markets in B.C., overseas and in the United States.

Calgary-based Cenovus Energy Inc. used Trans Mountain this summer to send oil from Alberta to fill an oil tanker at Burnaby and ship it through the Panama Canal to an Irving Oil refinery in Saint John.

Anderson says that feat hasn’t been duplicated since but it illustrates the ability of the pipeline system, purchased by the federal government for $4.5 billion in 2018, to access numerous new markets for its 13 committed shippers when the expansion is completed.

“We’ve got some major elements of the project to still do but they’re all on track and there’s no critical path items I’m worried about at this point,” he said. “We’re making great progress.”

He added the project is about 15 per cent complete now and is expected to be at 30 per cent by year-end.



Source link

Today news
Today News 1 runs four of the western GTA’s most influential media websites, offering news, food, lifestyle and entertainment coverage for millions to the Golden Horseshoe and GTA regions. The independently-run, online news source was founded in 2019 and specializes in everything from breaking news to food and restaurant, arts and entertainment and lifestyle coverage.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Why some Canadians are ready to travel; landlord boots tenant over tattoos: CBC’s Marketplace cheat sheet

Miss something this week? Don't panic. CBC's Marketplace rounds up the consumer and health news you need. Want this in your inbox? Get the Marketplace newsletter every...

U.K. eyes temporary truck driver visas to ease fuel rationing

In a U-turn, the British government is expected to ease visa rules for truck drivers to help fix supply-chain problems that have triggered...

U.S. vaccination requirement for air passengers worries Canadians with mixed vaccines

Canadian travellers have been able to fly freely to the United States since the start of the pandemic, but new U.S. travel rules...

Resolving Meng case removes giant thorn from Canada’s business relationship with China

No matter how much political and popular outrage was stirred up by the Meng Wanzhou extradition case — both in Canada and in...

Recent Comments