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Open season for Keystone’s additional capacity from Canadian oil producers to U.S. refineries secures 500,000 BOPD 20-year commitments

The Keystone XL open season has concluded with 500,000 BOPD 20-year commitments secured. This allows the proposed project to proceed.

TransCanada Corporation (ticker: TRP) said that interest in the pipeline remains strong and the company will continue to secure long-term volume contracts.

“Over the past 12 months, the Keystone XL project has achieved several milestones that move us significantly closer to constructing this critical energy infrastructure for North America,” said Russ Girling, TransCanada’s president and CEO.

“We thank President Donald Trump and his administration for their continued support and appreciate the ongoing efforts of Nebraska Governor Pete Ricketts, the Nebraska legislative and congressional delegation, Omaha Federation of Labor, Nebraska State AFL-CIO, our customers and various stakeholders to advance this project.

“Furthermore, we appreciate Alberta Premier Rachel Notley for her government’s commitment to the project which was instrumental to achieving the commercial support needed to proceed,” added Girling.

Keystone XL –  Quick Facts

  • 329 miles (529 km) in Canada (Hardisty, Alta., to Monchy, Sask.)
  • 840 miles (1,351 km) in the United States (Phillips County, Mont. to Steele City, Neb.)
  • 36-inch diameter pipeline
  • Capacity of 830,000 barrels per day

Construction preparation has begun and will increase as the permitting process advances throughout 2018, with primary construction expected to begin in 2019, TransCanada said in a press release.

The Nebraska Public Service Commission approved the pipeline’s passage through the state on November 20, 2017, based on the company using a slightly altered route through Nebraska, compared to the previously approved route. The 10-year-in-the-making project was rejected at the last minute by the Obama administration, but the project quickly got a Presidential approval from the Trump Administration.

Keystone XL Pipeline on Track to Begin Primary Construction in 2019

Source: Transcanada

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