11 November 2011 19:28 [Source: ICIS news]
TORONTO (ICIS)--The ?xml:namespace>
“Canada should be looking at alternatives, and maybe this [US delay] will put a fire under some of the alternatives, such as shipping oil west [to Asia] rather than just shipping it south [to the US],” John Stephenson, portfolio manager at Toronto-based First Asset Investment Management, said in a media briefing.
Meanwhile, Canadian finance minister Jim Flaherty told media he was not sure that Keystone XL will survive a delay until 2013.
The proposed 2,800-mile Keystone XL pipeline project to ship oil from
However, the US Department of State said on Thursday it “determined that it needs to undertake an in-depth assessment of potential alternative routes” that the pipeline would take across US territory, thus making a final decision before 2013 unlikely.
First Asset’s Stephenson said the
However, oil sands major Suncor may benefit as it has refining assets in
Brenda Kenny, CEO of industry group Canadian Energy Pipeline Association (CEPA), said the
“The rational approach would say this is a good project, Canadian trade with the
“This is a project with very limited [environmental] impact, and the route that has been selected is the best route,” she added.
Political observers said a decision by the White House to approve or deny final authorisation for the Keystone XL pipeline would have alienated either the environmentalists or the unions at a time when President Barack Obama is facing a tough re-election bid in 2012.
Meanwhile, in Canada, pipeline firm Enbridge has proposed a project, called Northern Gateway, to ship oil from Alberta to an export terminal at Kitimat in British Columbia.
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