Cenovus Energy Inc. executives warn it could be well into next year before oil companies resolve their ongoing dispute with Trans Mountain Corp. over rising pipeline shipping fees.
The Calgary-based oil company is one of the largest contracted shippers on the freshly completed Trans Mountain pipeline expansion, which marked its official commercial start-up date Wednesday.
On a conference call to discuss its first-quarter earnings, Cenovus executives hailed the milestone, which has been long awaited by Canada’s energy sector.
The Trans Mountain expansion, which runs from Alberta to the B.C. coast, represents a near tripling of the pipeline’s capacity from 300,000 barrels per day to 890,000 barrels per day and will open up global export markets for Canadian oil.
“This is a really good day for Canada,” said Drew Zieglgansberger, Cenovus’ chief commercial officer on Wednesday.
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But Zieglgansberger said oil companies continue to push back against Trans Mountain Corp.’s proposed tolls, the term for the fees the pipeline company …