April 3, 2013 / 6:39 PM / in 5 years

UPDATE 2-Second CP Rail spill in a week leaks 4 barrels of oil

* Four barrels of light crude spilled in derailment
    * Second oil spill for railway in a week
    * Shares down 2.4 pct

    April 3 (Reuters) - Canadian Pacific Railway Ltd 
suffered its second oil spill in a week on Wednesday, but said
just four barrels of light crude leaked from tanker cars in a
morning derailment in a remote area of northern Ontario.
    CP, Canada's No. 2 railway, said 20 cars in a 128-car
mixed-freight train destined for Montreal derailed near White
River, about 700 kilometers (400 miles) northeast of Toronto. It
said two tankers temporarily leaked crude following the
    CP said the oil has been contained and there were no
    The spill comes a week after 14 cars on a 94-car CP train
derailed near Parkers Prairie, Minnesota, spilling close to
15,000 gallons (360 barrels) of Canadian oil bound for U.S.
refiners and raising questions about the safety of shipping
crude by rail. 
    That was first major spill since a boom in North American
oil production prompted a huge rise in crude-by-rail transport
as oil output began to outgrow the existing pipeline network.
    The railway and Canada's Transportation Safety Board are
investigating the cause of the White River derailment. The
company could not yet say when the line will reopen. 
    CP shares were down C$3.11 at C$123.23 late on Wednesday
afternoon on the Toronto Stock Exchange.
    The White River area is best known as the birthplace of
Winnie, the London Zoo bear that inspired the A.A. Milne's
children's classic Winnie the Pooh.

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