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Suncor Energy Inc
Symbol SU
Shares Issued 1,287,254,165
Close 2024-04-30 C$ 52.53
Market Cap C$ 67,619,461,287
Recent Sedar Documents

Globe says Cenovus Energy, rivals see TMX start to flow

2024-04-30 08:16 ET - In the News

See In the News (C-CVE) Cenovus Energy Inc

The Globe and Mail reports in its Tuesday, April 30, edition that the first shipments of crude flowing through the Trans Mountain pipeline extension are expected to arrive on the West Coast in early May. The Globe's Emma Graney writes that oil started filling the TMX in Edmonton the week of April 15. It will take about three weeks to make the 1,150-kilometre journey to the Burnaby terminal in British Columbia. May 1 marks the official launch of the most expensive infrastructure project in Canadian history. The first coastal deliveries will not only find buyers in markets beyond the United States, but will begin to erase the deep discount on Alberta crude prices. Before a pipeline can go into service, a company must apply for and be granted "leave to open" licences from the regulator, demonstrating that the section of the pipeline is safe to operate. As of Monday afternoon, the regulator still had six active applications for TMX left to consider. Imperial Oil chief executive officer Brad Corson says the expanded pipeline system will be advantageous for the company. He adds, "We've already seen that tightening occurring by several dollars a barrel, and we expect that to continue with the imminent start-up of the system."

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