Cenovus first to announce it’s shipping Western oil to Eastern refineries through the Panama Canal

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Canadian oil producer taking 11,900-kilometre route after Energy East pipeline was scrapped

CALGARY — Cenovus Energy Inc. is the first Canadian oilsands company to announce it’s shipping crude via the Panama Canal to Irving Oil Ltd.’s refinery in Saint John, New Brunswick, as the industry explores circuitous routes to reach new markets.

We’ve sold our first crude #oil shipment to @irvingoil. The tanker Cabo de Hornos is now on a voyage of 11,900 kms to the Irving Saint John, N.B. refinery via the Panama Canal after loading at @TransMtn Burnaby, B.C. terminal! https://t.co/JsGs8oioKM— Cenovus Energy July 1, 2020“We were pleased with the economics of this transaction for Cenovus and excited to work with another strong Canadian company like Irving Oil,” Cenovus executive vice-president, downstream, Keith Chiasson said in an email.

Irving was a backer of the cancelled $15-billion Energy East pipeline project, which Calgary-based TC Energy Corp. had proposed to connect Alberta’s oil to ports in Quebec and ultimately to the Saint John refinery and port on the Atlantic Ocean. The project was cancelled in 2017 after sustained opposition by environment and local groups, apart from the governments of Ontario and Quebec.

 

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