CALGARY, Alberta Aug 1 Irving Oil and
TransCanada Corp said on Thursday they will build a
$300 million marine terminal at Canaport in St. John, New
Brunswick, to enable Canadian producers to export oil sands
crude to world markets.
The joint venture was announced on the same day as
TransCanada's plan to build a 1.1 million barrel per day oil
pipeline to ship Western Canadian crude to refiners on the East
Coast and beyond.
"The Canaport Energy East Marine Terminal will connect
TransCanada's Energy East Pipeline to an ice-free, deep water
port. It will allow Canadian producers direct access to world
markets for exporting Canadian oil via the world's largest crude
carrying vessels," said Paul Browning, President and CEO, Irving
Irving, which owns a 300,000 barrel per day refinery in St
John and imports more than 100 million barrels of oil each year
at Canaport, said the Energy East pipeline would offer the
refinery a broader supply of crude than it has today.