SOURCE: Vancouver Sun
DATE: March 24, 2019
SNIP: A combination of Chinese demand and increased pipeline space led to a massive increase in the export of crude oil out of the Port of Vancouver last year.
Figures provided by the port showed there were 22 million barrels of crude exported from B.C. in 2018, compared to 13 million barrels in 2017 and 8.7 million barrels in 2016.
Kevin Birn, vice-president of IHS Markit in Calgary, said that almost all crude oil exported from the province comes via the Canadian-government owned Trans Mountain pipeline from Edmonton.
The Trans Mountain pipeline allows for a variety of petroleum types and products to be shipped, ranging from jet fuel and kerosene to heavy crude oil and oilsands.
“The world is hunting for heavy barrels and Canada has them. It’s just about being able to access it. If they can get it to the Westridge terminal it will go. That’s why they want to twin [the Trans Mountain pipeline],” Birn said.
Plans to twin the pipeline stalled last year when then pipeline owner Kinder Morgan said it would not go ahead with plans due to a Federal Court ruling that stalled the project, plus resistance from the B.C. government, climate change protesters and some First Nations groups.
The Canadian-government stepped in and bought the asset for $4.4 billion and has promised the expanded pipeline will be built.