The Financial Post reports in its Wednesday, Aug. 14, edition that the expanded Trans Mountain pipeline has completed its first three months of commercial operation, affirming the beliefs of its supporters that the megaproject has created new trade routes for Canadian oil to Asia. Postmedia's Chris Varcoe writes that with petroleum production increasing in Western Canada, officials and industry experts suggest that TMX could reach full capacity sooner than anticipated.
Since TMX began commercial operations in May, the operator says about one-third of the shipments out of the corporation's Westridge Marine Terminal in Burnaby, B.C., have been destined for customers in Asia, mainly in China.
The rest has gone south into the United States, primarily California and Washington State. While critics have questioned the environmental and financial merits of the project, about 80 per cent of its available capacity is locked up with long-term shipping commitments by 11 firms, including Canadian Natural Resources, Cenovus Energy and MEG Energy.
The rest of the capacity is available on an uncommitted, spot basis. How quickly the line fills up is a subject of discussion across the industry.
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