Trudeau approves two oil pipelines

11/29, 11:57 PM (Source: TeleTrader.com)

Canadian prime minister Justin Trudeau signed off on two pipeline proposals on Tuesday, Kinder Morgan’s Trans Mountain pipeline and Enbridge’s Line 3. The projects will, if constructed, boost Alberta’s pipeline capacity by nearly a million barrels of oil a day.

The prime minister’s cabinet approved the 6.8 billion Canadian dollars, 1,150-kilometer Trans Mountain oil project, which aims to nearly triple, to 890,000 barrels per day, the capacity of a line running from Alberta to Vancouver. The pipeline is opposed by Vancouver’s mayor; who Trudeau is due to meet later today.

Enbridge’s plan to replace and expand Line 3, a 1,659-kilometer pipeline connecting Alberta to Wisconsin, was also approved. The project is expected to cost at least 7.5 billion Canadian dollars.

Teletrader Newsroom / RV