just wondering ..........
Alberta Energy Group To Build New C$143M Pipeline
Dow Jones Newswires
CALGARY -- Alberta Energy Co. (AOG), Koch Pipelines Canada L.P. (T.KPC) and Canadian Natural Resources Ltd. (T.CNQ) have entered into an agreement to expand the Cold Lake Pipeline System by building a new pipeline at an estimated cost of C$143 million.
In a press release, the companies said they will build a new 24-inch pipeline to transport heavy oil from the Cold Lake area to Hardisty, Alta., where it will connect with the Express Pipeline System, Koch Hardisty terminal and other facilities.
They said the new pipeline will have an initial capacity of 200,000 barrels a day and is expected to be on stream in January 2002. As well, they said the Cold Lake System will be extended north to Alberta Energy's SAGD heavy oil project at Primrose. Alberta Energy will build the new pipeline and be operator of the system.
The companies said they have formed the Cold Lake Pipeline Limited Partnership, in which Alberta Energy will have a 70% stake and Koch and Canadian Natural will have 15% each. They said this partnership has entered into long-term shipping contracts with Imperial Oil Ltd. (IMO), AEC Oil & Gas, Canadian Natural Resources and Koch Petroleum Canada L.P.
Alberta Energy and Canadian Natural are oil and gas producers.
Koch operates four feeder pipelines in Alberta and Saskatchewan.
Company Web Site: aec.ca
-John Moritsugu, Dow Jones Newswires; 416-306-2100 |
