CUSHING, OKLAHOMA--(Marketwired - Oct. 15, 2013) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) is recognizing today the thousands of men and women who have helped build the Gulf Coast Pipeline Project, an oil pipeline designed to deliver American and Canadian crude oil to Texas refineries. The workers who helped build this project are in addition to the thousands who constructed the initial Keystone Pipeline system, and we remain hopeful that we will have the opportunity to employ thousands more on the final leg of the Keystone system - Keystone XL.
"Over the past 15 months, 4,844 workers in America have given their best efforts to building a critical, modern piece of American energy infrastructure from Cushing, Oklahoma to Nederland, Texas, and we want to thank each and every one of them for their efforts," said Russ Girling, TransCanada's president and chief executive officer. "Their dedication to working safely, building high-quality energy infrastructure and taking pride in their work has helped bring this project closer to reality."
The original Keystone Pipeline, which has been in operation since 2010 and safely delivered almost 490 million barrels of oil, required 8,969 people to build the pipeline and its related facilities. Manufacturing of the pipe, pump stations, specialized equipment and advanced technology for the Gulf Coast and Keystone XL Pipeline projects also support about 7,000 positions.
"What now seems to get lost in the debate about building new oil pipelines is that there are real, hard-working people behind projects like this," added Girling. "The work they do is critical to our way of life and allows them to provide for their families and contribute to their communities."
Construction of the Gulf Coast Pipeline Project required:
As pipeline construction activities near completion, commissioning activities will be ramping up as the company focuses on preparing the Gulf Coast Pipeline for commercial service in late 2013. Work on associated tanks and storage facilities in Cushing, Oklahoma, is also expected to be completed by late 2013. Upon start-up, we will safely increase the flow rates of product moving through the Gulf Coast Pipeline, which is normal practice when starting up energy infrastructure like this.
As President Obama indicated in February 2012, "In the months ahead, we will continue to look for new ways to partner with the oil and gas industry to increase our energy security - including the potential development of an oil pipeline from Cushing, Oklahoma to the Gulf of Mexico." TransCanada's Gulf Coast Pipeline was designed to help relieve the glut of oil in places like Cushing, Oklahoma and will transport growing supplies of U.S. crude oil to meet refinery demand. It provides Gulf Coast refineries with access to lower cost domestic production (and avoids paying a premium to foreign oil producers), helping reduce America's dependence on foreign crude and allowing U.S. refineries to use more of the crude oil produced in their own country.
"The fundamental issue here is that the U.S. will import millions of barrels of oil each and every day to meet its energy needs - and will continue to do so for decades. The Gulf Coast and Keystone XL Pipeline projects mean that more of the oil that U.S. refineries need will come from U.S. and Canadian sources, instead of forcing them to rely on higher priced conflict oil from the Middle East and Venezuela - regions that do not share American values," concluded Girling.
The Gulf Coast Pipeline will have the initial capacity to transport up to 700,000 barrels of oil per day with the potential to transport up to 830,000 barrels of oil per day to Gulf Coast refineries.
With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,500 kilometres (42,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with more than 400 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada or http://blog.transcanada.com.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "would", "will" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future financial and operation plans and outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward-looking information. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to TransCanada's Quarterly Report to Shareholders dated July 26, 2013 and 2012 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and available on TransCanada's website at www.transcanada.com.