TransCanada Corp. (
TSX: T.TRP,
Stock Forum) said it is moving forward with the Energy East pipeline project based on binding, long-term contracts received from producers and refiners.
The pipeline will transport crude oil from receipt points in Alberta and Saskatchewan to delivery points in Montréal, the Québec City region and Saint John, New Brunswick, greatly enhancing producer access to Eastern Canadian and international markets.
According to the
TransCanada press release, the Energy East Pipeline will have a capacity of approximately 1.1 million barrels per day and is anticipated to be in service by late-2017 for deliveries in Québec and 2018 for deliveries to New Brunswick.
It will include some existing TransCanada pipelines between western Canada and Montreal plus new lines to be constructed to take the crude further east.
TransCanada is an energy company, which operates in three business segments, Natural Gas Pipelines, Oil Pipelines and Energy
On Thursday morning, TransCanada was trading at $46.93 a share. The company had a market cap of $33.2 billion, based on 707 million shares outstanding.