Canada’s largest oil producer to take over space from a unit of PetroChina
Canada’s largest oil producer agreed to take over the space from a unit of PetroChina Co., according to a person with knowledge of the situation, who asked not to be named because they aren’t authorized to speak publicly. The 20-year contract will boost CNRL’s space on the pipeline by about 75 per cent to roughly 164,000 barrels a day, according to the person and Bloomberg calculations.
The news was previously reported by RBN Energy.
CNRL and PetroChina didn’t immediately return messages seeking comment.
The Trans Mountain pipeline transports crude from Alberta’s oilsands to a port on Canada’s Pacific Coast. From there, the oil is shipped to refiners in California and Asia. The pipeline was recently expanded to almost 900,000 barrels a day, roughly three times its previous capacity.
—With assistance from Robert Tuttle and Devika Krishna Kumar.