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TransCanada and ConocoPhillips have become partners in the Keystone Pipeline project. ConocoPhillips has acquired a 50 per cent ownership interest in the crude oil pipeline.
This partnership is the outcome of a Memorandum of Understanding that committed ConocoPhillips to ship crude oil on the Keystone Pipeline and gave it the right to acquire up to a 50 per cent ownership interest.
Management committees comprising TransCanada and ConocoPhillips representatives will oversee the partnership. Pending regulatory approvals, TransCanada affiliates will construct and operate the pipeline. Applications for regulatory approvals are proceeding, and decisions are expected to be received during the first quarter of 2008.
For additional information, see the Keystone Pipeline Project on TransCanada’s website.
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