** 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)
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