September 9, 2014: Energy East The Energy East pipeline project would not only represent an investment in the range of $2 billion and create construction jobs in the thousands in New Brunswick, it would significantly increase the likelihood of additional investment through terminal developments and upgrading facilities. The Energy East pipeline project is uniquely positioned to strengthen both our provincial and national economies by opening up new global markets and accessing better pricing for Canadian crude oil. By using Canadian crude domestically in eastern refineries, we can reduce our dependence on supply from Europe or the Middle East and also reap the benefits of value added activities that will arise from the constant supply. The significance of these potential value added investments is their size. For example, Western crude oil requires upgrading before refining and there are clear benefits to performing that process in New Brunswick before exporting the product worldwide. This value added process requires a facility that would cost anywhere from $7 to $10 billion. This kind of potential spinoff investment only enhances the pipeline project’s potential value to the Province. There is also the potential for brand new industries to develop in New Brunswick as a result of the Energy East project. Plastics, chemicals, and a variety of other products we use in our daily lives could be produced right here in our province with a constant source of competitively priced oil.
Posted on: Tue, 09 Sep 2014 15:00:01 +0000
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