TransCanada Corp. promotes the national benefits of Energy East pipeline
TransCanada has recently released Deloitte & Touche LLP’s report on the economic impact of the Energy East pipeline.
The report predicts that over 10 000 full time jobs across Canada will be needed to develop the three year construction phase from 2016 to 2018. More than half of the construction related jobs would be located in Quebec and New Brunswick, where the company will build the new pipeline. Deliotte partner, Trevor Nakka, stated that the pipeline would also create indirect jobs among suppliers and benefit six Canadian provinces.
The study also found that the project would add around US$ 34 billion to Canada’s gross domestic product in the development and construction phase and over the 40-year line of the project. In addition, it is expected to add US$ 10.2 billion in tax revenues at the municipal, provincial, and federal levels over that time.Russ Girling, Chief Executive of TransCanada, stated that the economic benefits will spread across the whole country, “The project will help support thousands of jobs and millions of dollars in government tax revenues over the short- and long-term life of the project.” He also added that “the project makes sense for all Canadians, and this new study helps us understand why that is the case.”
Whilst Alberta and New Brunswick are supporters of the project, it is still not known whether other provinces, such as Quebec, will embrace it.
Energy East pipeline
The 4400 km Energy East pipeline will be North America’s longest and most expensive pipeline. The construction of the pipeline will involve a conversion of a portion of TransCanada’s natural gas mainline to oil service, and the construction of 1400 km new pipe from west of Montreal to New Brunswick, Canada.
Once finished, the pipeline will transport 1.1 million bpd of Alberta crude oil to Atlantic markets. In addition, it will also let eastern Canadian refineries replace 700 000 bpd of imported crude oil with less expensive Western Canadian oil.
Edited from various sources by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/12092013/transcanada_corp_promotes_the_national_benefits_of_the_energy_east_pipeline/
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