Canadian refiners increasingly shunning overseas crude oil imports


Crude oil imports to eastern Canada already have been cut by more than one third from a year ago, and Valero Energy (VLO) and Suncor (SU) are poised to use only North American crude in eastern Canada by 2015, further displacing overseas imports and possibly helping to bring domestic prices to an equilibrium with international levels.

SU’s Montreal refinery will reach that point in 2015 and VLO’s Quebec City plant by the end of this year; Enbridge (ENB) plans to start a pipeline late this year allowing oil to flow to Montreal from fields in North Dakota and Alberta, further reducing higher-priced supplies from Europe and Africa.

“Within a very short period of time, there won’t be any barrels coming into eastern Canada from overseas," says John Auers of industry consultant Tuner, Mason & Co.

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Comments (2)
  • User 353732
    , contributor
    Comments (5158) | Send Message
     
    Refining North Dakota crude in Eastern Canada is good for US producers and Canadian consumers alike. Maybe the Eastern Canadian refinery complex will expand and initiate material refined product exports to Europe allowing value added to be captured by the Canadian economy.

     

    Africa will increasingly align itself with Asia in terms of oil and gas exports which will benefit China and India and make Africa less vulnerable to bullying by WashDC.
    2 May 2014, 03:42 PM Reply Like
  • Loon-a-tick
    , contributor
    Comments (1928) | Send Message
     
    Canada NEEDds investment for more refineries. Please write a check to Loon A Tick... cRICKY
    Just kkeep your eye on the ball.
    3 May 2014, 08:16 PM Reply Like
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