TransCanada Launches Binding Open Season for Cushing Marketlink Project
CALGARY, Alberta - September 7, 2010 - TransCanada Corporation (TransCanada) (TSX, NYSE: TRP) today launched a binding Open Season to obtain firm commitments from interested parties for the Cushing Marketlink Project, which would provide crude oil transportation service from Cushing, Oklahoma to the U.S. Gulf Coast.
The proposed Cushing Marketlink Project would involve construction of approximately US$70 million of facilities at Cushing, Oklahoma, a key pipeline and crude oil storage hub. The Project would provide oil transportation service from Cushing to a delivery point near existing terminals in Nederland, Texas using pipeline facilities that form part of TransCanada's proposed Keystone Gulf Coast Expansion Project. In addition, the Project is expected to help alleviate current pipeline capacity constraints and provide shippers with transportation options from the Cushing market.
Following the completion of a successful Open Season, TransCanada intends to proceed with the necessary regulatory applications for approvals to construct and operate the required facilities and to provide transportation services. The Cushing Marketlink Project is expected to commence providing service in the first quarter of 2013.
During the binding Open Season, which expires at noon (MST) on November 10, 2010, interested parties may submit binding bids for transportation capacity of crude oil from Cushing, Oklahoma to Nederland, Texas. Parties are invited to contact David Diakow at 403.920.6019 or Ed Scheibelhut at 403.920.2746 for more information. Please visit www.transcanada.com/cushing for more information about the Project and Open Season.
With more than 50 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's network of wholly owned natural gas pipelines extends more than 60,000 kilometres (37,000 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 approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 11,700 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
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