TransCanada signs JV for pipeline project in Northern Alberta

Mon Oct 29, 2012 7:26am EDT
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(Reuters) - TransCanada Corp (TRP.TO: Quote) has formed a joint venture with Phoenix Energy Holdings Ltd to develop a C$3 billion pipeline project in Northern Alberta.

TransCanada and Phoenix will each own half of the proposed Grand Rapids Pipeline project that includes a crude oil and a diluent line to transport volumes about 500 kilometers between the producing area northwest of Fort McMurray and the Edmonton-Heartland region.

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)