The energy giant TransCanada Corporation (USA) (NYSE:TRP), the company that proposes to build the controversial Keystone XL pipeline, told the International Business Times Wednesday that one of its pipeline projects is close to completion.
The Gulf Coast pipeline, helping to bring more than 700,000 barrels of oil a day from the oil hub of Cushing, Okla., to Texas refineries, is now "95 percent complete,” James Millar, manager of communications at TransCanada told IBTimes.
The update comes as TransCanada launched a new ad campaign to promote the Keystone XL pipeline that would extend from Alberta, Canada, to Steele City, Neb., and then on to Cushing and south to the refineries.
The pipeline will help bring an abundance of oil sitting in storage facilities at Cushing to refineries on the Gulf Coast of the U.S.
Until recent years, U.S. crude stored in Cushing was shipped north and east, but as more oil was produced in the Upper Midwest and in Canada, refineries in the eastern and northern U.S., as well as in Canada, have not been able to keep up with the glut.