New pipeline announced

TransCanada has announced it will move forward with its $12-billion Energy East pipeline project, which will carry Alberta crude to New Brunswick. The company said it will seek the necessary regulatory approvals in order to begin construction. If the proposed Energy East pipeline project meets regulatory approvals, 3,000 km of existing natural gas pipeline, beginning in Hardisty, will be converted to carry crude oil, as well as an additional 1,400 km of new infrastructure built. At the eastern end of the planned pipeline in Saint John, New Brunswick, TransCanada and Irving Oil have agreed to jointly construct, own and operate a deep-water marine terminal. Irving says it will spend $300 million on the new terminal. The project is expected to be completed by late 2017 for Quebec, and 2018 for New Brunswick.