Valero Energy Corp. and Chevron Corp. have entered the fray of buyers for oil traversing Canada's expanded Trans Mountain Pipeline system
Valero Energy Corp. and Chevron Corp. have entered the fray of buyers for oil traversing Canada's expanded Trans Mountain Pipeline system, signaling a potential shift in the West Coast's oil-sourcing landscape. Anonymous Bloomberg sources revealed on Friday that these refineries in California are set to receive cargoes of Cold Lake crude, a heavy grade from Canada's oil sands, loaded onto Aframax tankers out of the Westridge Terminal near Vancouver last June.
This expansion, originally valued at $33 billion, ballooned to $53 billion, reflecting the complexities and uncertainties of large-scale energy infrastructure projects. While the pipeline expansion promises to open up international markets for Canadian oil producers, tensions have simmered between environmentalists and stakeholders advocating for increased pipeline capacity.
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