CALGARY, Alberta, Aug 1 (Reuters) - Irving Oil and TransCanada Corp said on Thursday they will build a $300 million marine terminal at Canaport in St. John, New Brunswick, to enable Canadian producers to export oil sands crude to world markets.
The joint venture was announced on the same day as TransCanada’s plan to build a 1.1 million barrel per day oil pipeline to ship Western Canadian crude to refiners on the East Coast and beyond.
“The Canaport Energy East Marine Terminal will connect TransCanada’s Energy East Pipeline to an ice-free, deep water port. It will allow Canadian producers direct access to world markets for exporting Canadian oil via the world’s largest crude carrying vessels,” said Paul Browning, President and CEO, Irving Oil.
Irving, which owns a 300,000 barrel per day refinery in St John and imports more than 100 million barrels of oil each year at Canaport, said the Energy East pipeline would offer the refinery a broader supply of crude than it has today.