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TransCanada Looks East Amid Keystone Pipeline Delay

Feb 7, 2013
(Bloomberg)

Crude from Alberta’s oil sands sells at a 30 percent discount to its U.S. counterpart. TransCanada Corp. Chief Executive Officer Russ Girling plans to narrow that gap whether or not his Keystone XL pipeline to the Gulf of Mexico wins approval from the Obama administration.

Canada’s second-largest pipeline company proposes to ship oil 3,000 miles (4,825 kilometers) to the Atlantic Coast, allowing producers to send it by tanker to the Gulf, Girling said yesterday in an interview at Bloomberg’s New York headquarters. While he expects U.S. passage of Keystone “very soon,” the East Coast route makes sense in any event because of rising production from Alberta, Girling said.