Inter Pipeline Fund (TSX: T.IPL.UN, Stock Forum) has reached binding long-term commitments for an expanded oilsands pipeline system that it plans to build for about $2.6 billion.
The company says it will build 840 kilometres of new pipeline and seven new pump stations to serve three oilsands operations owned by the FCCL Partnership, a partnership between Cenovus Energy Inc. (TSX: T.CVE, Stock Forum) (NYSE: CVE, Stock Forum) and ConocoPhillips (NYSE: COP, Stock Forum), Inter Pipeline said in a press release.
Its units dipped 0.17% to $23.58, leaving a market cap of $6.5 billion, based on 276.5 million units outstanding. The 52-week range is $24.39 and $17.40.