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Trans Mountain Updates Customer Commitments For Proposed Expansion Project

Trans Mountain Pipeline ULC (Trans Mountain), operated by Kinder Morgan Canada Inc. and owned by Kinder Morgan Energy Partners, L.P. (NYSE: KMP), today announced an update to the scope of its proposed expansion of the Trans Mountain Pipeline. As a result of a recently completed supplemental open season process, new long-term contracts have been signed, bringing the total volume of committed shippers to approximately 700,000 barrels per day (bpd). These additional commitments will result in an increase in the proposed expansion capacity from 750,000 bpd to 890,000 bpd. The expansion represents a capital investment of $5.4 billion and will complete the twinning of the existing pipeline from Strathcona County, Alberta, to Burnaby, British Columbia.

“Thirteen customers in the Canadian producing and oil marketing business have now signed binding, long-term contracts, which demonstrates the need for this proposed expansion that will serve both existing and new markets,” said Ian Anderson, president of Kinder Morgan Canada. The companies consist of BP Canada Energy Trading Company, Canadian Natural Resources, Canadian Oil Sands Limited, Cenovus Energy Inc., Devon Canada Corporation, Husky Energy Marketing Inc., Imperial Oil Limited, Nexen Marketing Inc., Statoil Canada Ltd., Suncor Energy Marketing Inc., Suncor Energy Products Partnership, Tesoro Refining & Marketing Company and Total E&P Canada Ltd. Trans Mountain applied to the National Energy Board (NEB) in 2012 for approval of the toll methodology that would govern an expanded Trans Mountain pipeline and expects a decision by mid-2013.

“Trans Mountain has an existing footprint, established relationships and a superb safety record,” Anderson said. “Over the next several months, we’ll be doing additional engineering work and studies to assess how the increased capacity will impact the scope of the project. We will continue our open and inclusive engagement program already underway with landowners, communities and Aboriginal Groups.”

Trans Mountain expects to file a Facilities Application with the National Energy Board (NEB) in late 2013, for authorization to build and operate the necessary facilities for the proposed expansion. The Application will include the environmental, socio-economic, Aboriginal engagement, landowner and public consultation and engineering components and initiate a comprehensive regulatory and public review process. If approved, the project would be operational in 2017.

Stock quotes in this article: KMP 

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