Joint Venture to Develop New Saint John Marine Terminal
Irving Oil and TransCanada will form a joint venture to develop and construct the new Canaport Energy East Marine Terminal at Irving Canaport in Saint John. Proposed $300M marine terminal represents first major regional investment
directly linked to the Energy East Pipeline Project.
The news came following TransCanada's announcement to proceed with the development of the Energy East Pipeline that will transport western Canadian crude oil to Montreal, Quebec City and Saint John.
The proposed $300 million marine terminal adds to the significant infrastructure investment Irving Oil has made in the Canaport facility over the past several decades. Irving Oil imports over 100 million barrels of crude oil each year at Irving Canaport and has imported over two billion barrels of oil during 40 years of operation. The Energy East pipeline will offer a broader supply of crude oil for the 300,000 barrel per day refinery than what Irving has access to today which will help ensure our long-term competitiveness in our industry.
The project timeline for the marine terminal, which is expected to begin with engineering and design work in 2015, will coincide with Energy East Pipeline project developments. The new Canaport Energy East Marine Terminal will be located adjacent to Irving Oil's existing import terminal and will be operated by Irving Oil.
"We are extremely pleased to be partnering with TransCanada. They are a world-class company and lead their industry in safety and environmental stewardship," said Paul Browning, President and CEO, Irving Oil. "The Canaport Energy East Marine Terminal will connect TransCanada's Energy East Pipeline to an ice-free, deep water port. It will allow Canadian producers direct access to world markets for exporting Canadian oil via the world's largest crude carrying vessels."
www.transcanada.com