May 27th, 2024

Suncor leasing oil tanker ships to carry crude from Trans Mountain pipeline expansion

By The Canadian Press on May 8, 2024.

Suncor Energy Inc. says it is leasing and operating a number of Aframax oil tanker ships to carry crude from the recently completed Trans Mountain pipeline expansion to Pacific markets. A truck carries oilsands at Suncor's facility near Fort McMurray on Friday, Sep. 1, 2023. THE CANADIAN PRESS/AP/Victor R. Caivano

CALGARY – Suncor Energy Inc. says it is leasing and operating a number of Aframax oil tanker ships to carry crude from the recently completed Trans Mountain pipeline expansion to Pacific markets.

The company says leasing and operating the tankers itself means Suncor saves on shipping costs.

Dave Oldreive, Suncor’s executive vice-president responsible for refining, sales and marketing, says the company expects the crude oil loaded off the Trans Mountain pipeline onto tanker ships at the Westridge Marine Terminal in Burnaby, B.C., will be delivered primarily into California as well as Asian markets.

He says Suncor’s trading offices in Calgary, Houston and London, England have been working to strengthen relationships with customers along the West Coast and in Asia in order to capitalize on the opening of the Trans Mountain project.

Oldreive made the comments Wednesday on a conference call with analysts to discuss Suncor’s first-quarter financial results.

The Trans Mountain pipeline expansion, which runs from Alberta to the B.C. coast and marked its official opening last week, gives Canadian oil shippers access to an additional 590,000 barrels-per-day of pipeline capacity.

This report by The Canadian Press was first published May 8, 2024.

Companies in this story: (TSX:SU)

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