Company News

BUZZ-CS optimistic about Trans Mountain expansion approval; says PBF Energy top beneficiary

** Credit Suisse is optimistic that the Canadian government will “likely” proceed with Trans Mountain Expansion Project (TMEP)

** Earlier in the day Reuters reported that Canada looks set to approve a hotly-debated plan to expand an oil pipeline this week, citing people familiar with the process

** CS says the federal government will make a final decision on TMEP no later than June 18th

** Brokerage says PBF Energy would be the biggest beneficiary of the project; says heavy crude makes a significantly higher percentage of co’s feedstock, giving it more benefit compared to peers; shares up 2% at $24.4

** Says West Coast operations of Valero Energy, Phillips 66 and Marathon Petroleum Corp will also benefit

** Sentiment on Canadian integrated space has turned negative with delays in Enbridge Inc’s Line 3 pipeline replacement - CS

** “We believe a go ahead on TMEP would help with the turnaround in sentiment in a big way” (Reporting By Arundhati Sarkar in Bengaluru)