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TransCanada launches an oil trading group

Published 2016-01-22, 03:01 p/m
© Reuters. TransCanada launches an oil trading group
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HOUSTON, Jan 22 (Reuters) - Canadian pipeline operator
TransCanada Corp TRP.TO has started trading oil through a new
liquids trading group based in Calgary, Alberta, a spokesman for
the company confirmed on Friday.
TransCanada, which already operates a regulated power
trading and marketing group based in Westborough, Massachusetts,
has eyed a liquids group for more than a year now.
Although a spokesman for the company did not provide details
related to its trading operations, Chief Executive Officer Russ
Girling in an earlier interview with Reuters said the group
would trade all grades of Canadian and U.S. crude along its
network, which runs from Alberta and to the U.S. Gulf Coast.

The move follows a difficult year for Canada's second
largest pipeline operator. In 2015, the company announced scores
of layoffs following an 18-month long slump in oil prices, and
in November U.S. President Barack Obama vetoed the company's
long-disputed Keystone XL pipeline.
TransCanada is still pursuing the 1.1 million barrel per day
Energy East pipeline, which would carry crude from western
Canada to the Atlantic coast.
The Calgary-based company operates a network of pipelines in
the United States and Canada, including its Marketlink pipeline
which delivers crude from the crucial crude storage and trading
hub in Cushing, Oklahoma, to Port Arthur, Texas.
Canadian competitor Enbridge Inc ENB.TO also operates at
trading and marketing subsidiary through Tidal Energy Marketing.


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