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The Keystone XL project, designed to transport Canada?s heavy crude oil directly to the US Gulf Coast, was denied presidential approval in the US in January 2012 as the originally proposed route passed through certain environmentally sensitive areas. Although the company developing the Keystone XL project, TransCanada, has now proposed alternate routes for the pipeline, uncertainties relating to the project persist, and the continuing delay in approval is making Canada look for new markets for its oil exports. In such a scenario, the approval of Enbridge?s Northern Gateway pipeline project has become significant for Canada, as the pipeline will allow it to target Asian markets with its oil exports. The Northern Gateway project, which is facing oppostition from certain aboriginal groups, is enjoying significant support from Canada?s federal government.
- The report highlights the hurdles faced by the Keystone XL project designed by TransCanada.
- The report further highlights the rationale for Canada to diversify its oil export destinations to Asia- Pacific.
- The Northern Gateway Pipeline provides scope for Canada to diversify its exports to Asian Markets.
Reasons to buy
- Develop a sound understanding of the challenges faced by Keystone XL project.
- To understand the reasons for Canada to try to diversify its oil exports.
- To understand the support and challenges faced by Northern Gateway Project in the current scenario.
Keystone XL, Northern Gateway Pipeline, Transcanada, Enbridge Inc., Canadian Oil sands