January 26, 2011 / 4:20 PM / in 7 years

TransCanada says shippers back Cushing project

CALGARY, Alberta (Reuters) - TransCanada Corp, said on Wednesday it has received shipper support for its Cushing Marketlink project, which will take 150,000 barrels of oil per day from the Oklahoma storage hub to refineries on the Gulf Coast.

TransCanada, the country’s biggest pipeline company, said enough oil shippers have contracted space on the proposed line for the company to proceed with it.

The Marketlink project, estimated to cost C$70 million ($70 million), will feed crude oil into TransCanada’s $7 billion Keystone XL project, which will deliver 510,000 bpd to the Gulf Coast.

TransCanada said the project is expected to be in service in the first quarter of 2013, when it finishes its XL line. However the Keystone XL line has been opposed by environmental groups, as well as some U.S. state and federal legislators, and has yet to be approved by the U.S. government.

($1=$1.00 Canadian)

Reporting by Scott Haggett; editing by Peter Galloway

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