CN Rail to phase out fleet of older oil tank cars in four years
TORONTO, March 25
TORONTO, March 25 (Reuters) - Canadian National Railway Co said on Tuesday that it will phase out its fleet of 183 older tank rail cars used to transport diesel fuel over the next four years, part of a plan to strengthen its safety management system.
Canada's largest rail operator said that it will spend C$7 million ($6.26 million) to replace the 40 DOT-111 tank cars that it owns with new cars that meet the latest regulatory standards, by the end of this year. Its remaining 143 leased DOT-111 cars will be replaced gradually as leases mature over the next four years, the Montreal-based company said.
DOT-111 tank cars have a long history of puncturing in accidents, an issue which came into public focus after the crash of a runaway crude train in Lac Megantic, Quebec, last summer, which killed 47 people.
($1 = 1.1176 Canadian Dollars) (Reporting by Susan Taylor; Editing by Stephen Powell)
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