Irving Oil and TransCanada to form JV to develop new Saint John Marine Terminal for Energy East pipeline
Following TransCanada’s announcement to proceed with the development of the Energy East Pipeline that will transport western Canadian oil sands crude oil to Montreal, Québec City and Saint John (earlier post), Irving Oil and TransCanada announced they will form a joint venture to develop and construct the new Canaport Energy East Marine Terminal at Irving Canaport in Saint John.
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.—Paul Browning, President and CEO, Irving Oil
The proposed $300-million marine terminal adds to the infrastructure investment Irving Oil has made in the Canaport facility over the past several decades. Irving Oil imports more than 100 million barrels of crude oil each year at Irving Canaport and has imported more than two billion barrels of oil during 40 years of operation.
Irving Oil said that the Energy East pipeline will offer a broader supply of crude oil for its 300,000 barrel per day refinery than what it has access to today, and will help ensure its long-term competitiveness.
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.