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Pieces of the Trans Mountain Pipeline project outside of Hope, British Columbia. Photographer: Cole Burston/AFP/Getty Images Canadian oil producers beset by years of constrained pipeline capacity expect to garner better prices for their crude when the expanded Trans Mountain conduit starts up next year, opening them to new markets in Asia. The expansion project — which Prime Minister Justin Trudeau’s government bought for C$4.5 billion ($3.3 billion) in 2018 — will reduce oil-sands producers’ dependence on US refiners that currently forces them to accept discounted prices for their crude. Coming a little more than two years after the 2021 startup of Enbridge Inc. ’s Line 3, the Trans Mountain expansion has — at least temporarily — removed pipelines from the list of a concerns for an industry long hampered by limited shipping options. “Being able to send our barrels into more markets is a big opportunity for Canada,” Canadian Natural Resources Ltd. Chief Financial Officer Mark Stainthorpe said at the Bank of Montreal-Canadian Association of Petroleum Producers conference last week. CNRL, the country’s largest oil producer, will ship 94,000 barrels a day on the expanded Trans Mountain when it begins operating in the first quarter, accounting for about 16% […]
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