TransCanada said Wednesday that it successfully concluded
the open season for the Keystone Hardisty Terminal project in Canada.
Sufficient firm commitments were secured from parties
interested in accessing the new terminal at the starting point
of TransCanada's proposed Keystone XL pipeline system in
Hardisty, Alberta, the company said.
"The open season held earlier this year for the Keystone
Hardisty Terminal was very successful and confirms strong
demand from Western Canadian producers for new infrastructure
to allow them to move crude oil into the Keystone system," said
Russ Girling, TransCanada's CEO.
overwhelming industry support to transport crude oil safely and
reliably to markets across North America."
TransCanada said it had received binding, long-term
commitments in excess of 500,000 bpd during the open season,
leading it to expand the proposed 2 million bbl of crude oil
batch accumulation tankage and pipeline infrastructure to a 2.6
million bbl terminal.
Going forward, TransCanada intends to proceed with the
necessary regulatory applications for approvals to construct
and operate this terminal at Hardisty, Alberta, it said.
Subject to regulatory approvals, the project is expected to be in service
by late 2014 and cost approximately $275 million.
The Keystone system is an operational 3,467-kilometre
(2,154-mile) pipeline that is delivering over 500,000 bpd of
crude oil to markets and refineries in the US Midwest and
On May 4, TransCanada applied to the US Department of State
for a presidential permit for the proposed Keystone XL pipeline
from the US/Canada border in Montana to Steele City,
TransCanada says it expects to win approval on the permit
and begin construction of Keystone XL in the
first quarter of 2013, with completion slated for late 2014 or