August 2, 2013 [OPIS] - Irving Oil and TransCanada said on Thursday that both companies will form a joint venture to develop and construct the new Canaport Energy East Marine Terminal at Irving Canaport in Saint John on the east coast of Canada.
This joint-venture terminal project announcement follows TransCanada’s confirmation 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 Canaport Energy East Marine Terminal will connect TransCanada’s Energy East Pipeline to an ice-free, deepwater port.
It will allow Canadian producers direct access to world markets for exporting Canadian oil via the world’s largest crude carrying vessels, both companies said.
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 bbl of crude oil each year at Irving Canaport and has imported over 2 billion bbl of oil during 40 years of operation.
The Energy East pipeline will offer a broader supply of crude oil for Irving’s 300,000-b/d Saint John refinery.
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.
“This $300 million investment in the Canaport Energy East terminal will create hundreds of jobs during construction, and will employ up to 50 people in long-term, high skill jobs for years to come,” said Paul Browning, president and CEO, Irving Oil.
