This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

CN And Tundra Energy Marketing To Construct Crude Oil Rail Car Loading Terminal In Manitoba

CALGARY, Oct. 18, 2012 /PRNewswire/ - CN (TSX: CNR) (NYSE: CNI) and Tundra Energy Marketing Limited announced today they have signed a memorandum of understanding to construct a crude oil rail car loading terminal near Cromer, Man., to meet the needs of Bakken crude oil producers in Manitoba and Saskatchewan.

The terminal will initially load 30,000 barrels of crude oil per day into rail cars - the equivalent of more than 50 tank cars worth - starting in the second quarter of 2013. The facility will have the potential to accommodate a unit train of 100 tank cars, with each train carrying approximately 60,000 barrels per day of crude oil.

Bryan Lankester, president of Tundra Energy Marketing, said: "This project, combined with 410,000 barrels of oil storage currently under construction at our terminal in Cromer - a six-fold increase in existing capacity -- will provide us with access to alternative North American markets for Williston Basin crude oil over CN's network at a time when there is inadequate pipeline takeaway capacity. Our Cromer location at the most easterly point of crude oil production in Canada should provide a market advantage to our crude oil producers and shippers."

Jean-Jacques Ruest, CN executive vice-president and chief marketing officer, said: "We are pleased to be a key supply chain enabler for Tundra Energy Marketing. CN will help Tundra's customers reach markets with good net-backs for their crude. And further growth will be part of the story - the Cromer transload terminal is expandable, with the potential to handle complete crude oil unit trains of more than 100 cars, which will generate greater efficiencies and market reach for Canadian crude oil.

"Working closely with companies such as Tundra Energy Marketing is making the transportation of crude oil one of CN's fastest growing businesses. We expect to move more than 30,000 carloads of crude oil in 2012, and we believe we have the scope to double this crude oil business next year."

Stock quotes in this article: CNI, CNR 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,362.68 +100.12 0.62%
S&P 500 1,849.54 +6.56 0.36%
NASDAQ 4,048.7880 +14.6270 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs