TransCanada Receives Regulatory Approval for Grand Rapids Pipeline Project

abarrelfullabarrelfull wrote on 15 Oct 2014 19:55
Tags: canada n-america pipeline transcanada

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TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced that the Alberta Energy Regulator (AER) has approved the majority of the company's applications to construct and operate the Grand Rapids Pipeline Project (Grand Rapids). Grand Rapids will comply with all regulatory requirements and is evaluating the conditions in the decision.

"We are pleased that the Alberta Energy Regulator has approved Grand Rapids. The pipeline will be a critical piece of infrastructure to support the long-term growth plans and increased oil production in the Alberta oil sands and other oil-producing areas in northern Alberta," said Russ Girling, TransCanada's president and chief executive officer. "With permits already received for Northern Courier and now Grand Rapids, we have made significant progress this year in advancing our capital program of Alberta regional liquids pipeline projects."

TransCanada has partnered with Brion Energy Corporation (Brion), formerly Phoenix Energy Holdings Limited, through a joint venture to develop Grand Rapids, a 460-kilometre (287 mile) oil and diluent pipeline system connecting the producing area northwest of Fort McMurray, Alberta to terminals in the Edmonton/Heartland region. TransCanada and Brion will each own 50 per cent of the $3 billion pipeline project, which will be operated by TransCanada. Brion has also entered into a long-term transportation service contract in support of Grand Rapids.

The project is expected to begin construction in Fall 2014 and become operational in stages, with initial crude oil transported by mid-2016. The full system will have an ultimate capacity to move up to 900,000 barrels per day (bbl/d) of crude oil and 330,000 bbl/d of diluent.

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