Canadian Press NewsAlert:Irving Oil to build terminal for Energy East Pipeline

SAINT JOHN, N.B. – Irving Oil says it plans to build a $300-million marine terminal in Saint John, N.B., following an announcement from TransCanada Corp. (TSX:TRP) that it has decided to proceed with its Energy East Pipeline project.

The New Brunswick company says the Canaport Energy East Marine Terminal would handle the crude oil flowing from western Canada through the pipeline and export it to world markets.

In a statement, Irving Oil says it expects engineering and design work would begin in 2015 to coincide with developments of the west-to-east pipeline.

The pipeline project still requires environmental approval.