Inter Pipeline plans $2.1B expansion for Cold Lake, Polaris pipeline systems
CALGARY – Inter Pipeline Fund (TSX:IPL.UN) is announcing a $2.1-billion plan to expand its pipeline system after signing a deal with a venture between Cenovus Energy (TSX:CVE) and ConocoPhillips.
The pipeline operator signed a binding shipper support agreement to ship bitumen and diluent for three major oil sands projects owned by the FCCL Partnership.
The expansion plans involve the construction of approximately 840 kilometres of new pipeline and seven new pump stations.
The new operations will provide service to existing FCCL projects at Foster Creek and Christina Lake, as well as the Narrows Lake project which is under development.
Inter Pipeline says the new facilities related to Foster Creek and Christina Lake will be operational in mid-2014 and those related to Narrows Lake will be operational in mid-2016.
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