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Canadian Natural Resources to take over more space on the Trans Mountain pipeline, Bloomberg News reports
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Canadian Natural Resources to take over more space on the Trans Mountain pipeline, Bloomberg News reports
Oct 22, 2024 3:40 AM

Oct 21 (Reuters) - Canadian Natural Resources ( CNQ )

is taking over more space on the expanded Trans Mountain

pipeline from a unit of PetroChina, boosting its

ability to ship crude to markets after buying assets from

Chevron ( CVX ), Bloomberg News reported on Monday, citing a person

familiar with the matter.

Earlier this month, Chevron ( CVX ) agreed to sell its

assets in the Athabasca oil sands and Duvernay shale formation

to Canadian Natural Resources ( CNQ ) for $6.5 billion.

The 20-year contract will boost Canadian Natural Resources' ( CNQ )

space on the pipeline by about 75% to roughly 164,000 barrels

per day (bpd), according to the report.

The recently expanded Trans Mountain pipeline has capacity

to ship 890,000 bpd of crude from Alberta's oil sands to the

Port of Vancouver in British Columbia.

Earlier this month, in a letter filed with the Canada Energy

Regulator, PetroChina Canada said it would no longer be a

committed shipper on the Trans Mountain oil pipeline after

assigning its contracts to another party.

Canadian Natural Resources ( CNQ ) and PetroChina did not

immediately respond to Reuters' requests for comment.

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