CALGARY, Alberta (Reuters) - Inter Pipeline Fund IPL_u.TO said on Tuesday it plans a C$2.1 billion ($2.1 billion) expansion of its regional pipeline system to provide service to three oil sands projects owned by a Cenovus Energy Inc (CVE.TO) and ConocoPhillips (COP.N).
Inter Pipeline said it will expand its Cold Lake and Polaris pipeline systems to add 820,000 barrels per day of capacity to deliver diluent to the projects operated or planned by the joint venture and to ship out bitumen to market.
It will also add 840 kilometers (521 miles) of new pipeline and seven new pump stations to the systems to serve the joint venture’s current Foster Creek and Christina Lake oil sands projects and the planned Narrows Lake project.
Inter Pipeline units were down 1 Canadian cent at C$20.00 by late morning.
Reporting by Scott Haggett; Editing by Janet Guttsman