RPT-UPDATE 1-TransCanada to build $900 mln Alberta oil pipeline, terminal

Thu May 2, 2013 12:12pm EDT
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* Heartland Pipeline to ship up to 900,000 barrels/day of crude

* Terminal to have storage capacity of 1.9 mln barrels

* Projects expected to come online in second half of 2015

May 2 (Reuters) - TransCanada Corp, Canada's No. 2 pipeline company, said it would spend an estimated $900 million to build and operate a 200-km (125-mile) oil pipeline and storage terminal to handle growing crude production in Alberta.

TransCanada said on Thursday it had reached long-term shipping agreements to build the Heartland Pipeline to link the Edmonton region to facilities in Hardisty, Alberta, as well as the terminal in the Heartland industrial area north of Edmonton.

The projects are expected to come into service in the second half of 2015, TransCanada said.

The company said it expects the pipeline ultimately to transport up to 900,000 barrels per day of crude oil. The terminal is expected to have storage capacity for up to 1.9 million barrels.

Alberta oil production is projected to increase by almost 3 million barrels per day over the next 15 years, TransCanada said.   Continued...