TransCanada said on Tuesday that its $12-billion East Energy line would be in the country's national interest because the venture, which aims to pipe Alberta crude to Canada's East Coast, could create at least 10,000 new jobs.
Russ Girling, president and CEO of TransCanada, makes an introduction at the Calgary Chamber of Commerce in Calgary, Alberta November 8, 2011.
"Energy East is a critical infrastructure project for all Canadians because it will enhance our country's energy security, allow us to receive greater value for our important natural resources and will create tangible economic benefits for communities across the country," TransCanada President and CEO Ross Girling said in a statement.
The report, prepared by Deloitte & Touche, a major audit and consulting company, also forecast the pipeline project would generate $35.3 billion in economic growth for its projected 40 years lifetime, with the economic benefits to be reaped mostly in Alberta, Ontario and Quebec.
The 10,000 jobs include five years of development and construction phase in which another $10 billion in tax revenue is expected to be enjoyed by Ottawa and other Canadian provinces.
However, Quebec is against the venture because it involves switching parts if the pipeline's cross-country natural gas mainline system that would carry up to 1.1 million barrels of oil daily east to Quebec would extend it 1,400 kilometres to an export terminal facility with Irving Oil at Saint John, New Brunswick.
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