U.S. West Coast may become significant market for oil-sands crude
Valero Energy Corp. and Chevron Corp. are buying oil shipped through Canada’s newly expanded Trans Mountain Pipeline system for their California refineries, according to people familiar with the shipments, a sign that U.S. West Coast may become a significant market for oil-sands crude.
The cargoes of Cold Lake crude, a heavy grade produced in the oil sands, will be loaded on Aframax tankers in June out of the Westridge Terminal near Vancouver, according to the people, who asked not to be identified because the information is private. Chevron and Valero didn’t immediately respond to emails seeking comment.
The main producers of Cold Lake crude include Imperial Oil Ltd. a unit of Exxon Mobil Corp., as well as Cenovus Energy Inc. and Canadian Natural Resources Ltd., according to Crude Oil Monitor.
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