Chinese School - PetroChina to import Canadian crude in 2009

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PetroChina to import Canadian crude in 2009

www.chinanews.cn 2005-04-18 13:18:22

Chinanews, Apr. 16 - PetroChina Company Limited (PetroChina) recently
executed a memorandum of understanding in Beijing with Enbridge, the
second largest pipeline operator in Canada. Both sides will work together
on a project of building new pipeline and transporting crude oil from
Canada to inland China. This project will cost 2.02 billion US dollars.
It is predicted that PetroChina can import 200,000 barrels of crude per
day from Canada as early as 2009.
Enbridge plans to build Gateway, an oil pipeline with a 30-inch diameter
and 1,160 kilometers long. It will transport crude oil produced from
Alberta's Calgary Oil Sand to docks on the west coast, and then the crude
will be carried by oil tankers to China, the Asia-Pacific area and
California. This will be the first time Asia imports crude oil from
Canada. The pipeline is expected to transfer 400,000 barrels of crude oil
daily, half of which provided by PetroChina.
According to Jim Rennie, spokesman of Enbridge, his company is the
intermediary between PetroChina and the producer of oil sand. The
agreement does not contain any promise that PetroChina can become a
shareholder or a shipping merchant of the pipeline. Both sides will sign
a binding agreement formally within the year, and Enbridge will put
forward relevant applications to local regulators next year. This
pipeline will be put into operation in 2009 or 2010.

          ��China's import of crude oil has limited effect on world
prices (2005-03-08)
          ��Crude import up 50% via railways (2005-02-20)
          ��China's crude oil and refined oil exports decreased
(2005-02-16)
          ��CNOOC' crude oil output expected up 19% (2005-02-04)
          ��China's crude oil import hits record high in 2004 (2005-02-04)
          ��CNPC to spend 6b USD on Russian crude oil (2005-01-31)

E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649

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