SAINT JOHN, N.B. _ The vice-president of
TransCanada Corp. (
TSX: T.TRP,
Stock Forum) says it will now be sometime in 2014 before the company will file an application for its proposed Energy East Pipeline to the National Energy Board.
Steve Pohlod told an energy conference in Saint John, N.B., today that there is too much work to do to be able to meet its initial goal of filing the application before the end of the year.
Pohlod says there is still environmental work to be done and the route for the $12-billion project still needs to be finalized.
He says TransCanada won't be able to address everyone's concerns with the route but the company is trying to please as many as possible.
The 4,500-kilometre Energy East pipeline would ship up to 1.1 million barrels per day of western crude to refineries and export terminals in Quebec and New Brunswick.
The proposal involves converting a portion of TransCanada's underused natural gas mainline to oil service and building 1,400 kilometres of new pipeline to Saint John.
TransCanada shares eased 1.15% to $44.67, leaving a market cap of $31.6 billion, based on 707.1 million shares outstanding. The 52-week range is $51.21 and $43.16.