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Kinder Morgan’s Trans Mountain project would nearly triple pipeline capacity from 300,000 to 890,000 barrels of crude oil a day. It would carry oil from Alberta’s oil sands to the Vancouver area to be loaded on to barges and tankers for Asian and U.S. markets.
Suncor, the country’s largest oil producer, raised it’s offer to 0.28 of its shares for every Canadian Oil Sands stock, according to a statement on Monday.
The energy research firm’s dollar-figure estimate has nearly doubled since its first report on the matter last July, as oil prices crashed from around $60 a barrel in the summer to about $30 a barrel this week.
Suncor has said it may walk away from the $3.1 billion bid if Canadian Oil Sands shareholders turn it down.
Canadian Oil Sands Ltd. management has met with one other potential bidder for the company and plans to meet with three others in the next two weeks as it seeks alternatives to a $4.5 billion hostile takeover offer from Suncor Energy Inc.
Obama rejects Keystone XL, saying pipeline wouldn’t create many jobs, lower gas prices or boost U.S. energy security
The move ends — for now — a seven-year saga over the proposed pipeline.
Democratic presidential candidate Bernie Sanders joined prominent environmentalists in urging Obama to reject Keystone XL now — weeks before international climate negotiations.
Crude oil, among the nation’s biggest exports, has collapsed to about half its 2014 peak.
Environmental activism is a major reason no new pipelines — including Keystone XL — have been built to transport oil sands crude away from Alberta since 2010, according to a new report.
ConocoPhillips says it’s bringing up its first barrels of oil in a large Canadian oil sands project that has been under construction for five years.