Oct 2 The construction of the southern leg of
the Keystone XL crude oil pipeline is expected to be completed
by the end of October, TransCanada Corp executive Les Cherwenuk
said on Wednesday, according to Bloomberg News.
The 700,000 barrel per day pipeline will carry crude oil
from Cushing, Oklahoma, delivery point of the U.S. crude oil
future contract, to the Gulf Coast. Cherwenuk said the company
would start filling the line shortly after construction is
completed, the Bloomberg report said.
The company has been targeting completion of the project
before the end of 2013.
The line fill is expected to draw a significant volume of
oil stocks from the Cushing storage hub, traders said. U.S.
crude oil futures were up by 86 cents a barrel at $102.90 by
10:53 a.m. EDT (1453 GMT), outpacing gains in international
The decision on building the northern leg of Keystone XL,
which would carry crude from the Canadian oil sands to Cushing,
is not expected to be made in Washington until next year.