Monday, August 31st18.2°C
26775
26819

Canexus crude-by-rail project in Alberta sees costs soar by 40 per cent

CALGARY - Canexus Corp. (TSX:CUS) says the price tag of its oil-by-rail terminal expansion project in Bruderheim, Alta., has risen by 40 per cent over the previous cost estimate of $225 million.

The stock was down about 13 per cent to $6.56 at mid-day on the Toronto Stock Exchange.

CEO Gary Kubera says the company is disappointed with the revised estimate, but noted Canexus has "established a state-of-the-art facility."

The first phase of the expansion is in the process of starting up and the company expects to load 14 unit trains, or about 30,000 barrels per day of crude, during February.

The project is expected to be complete later this year.

Canexus expects to fund the incremental cost from its committed credit facilities.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX13859.12-5.95
S&P CDNX559.48+3.49
DJIA16528.03-114.98
Nasdaq4776.51-51.82
S&P 5001972.18-16.69
CDN Dollar0.7612+0.0044
Gold1134.00+0.90
Oil48.08+2.86
Lumber234.20-2.90
Natural Gas2.684-0.031

 
Okanagan Companies
Pacific Safety0.185+0.020
Knighthawk0.010.00
QHR Technologies Inc1.23-0.06
Cantex0.04-0.01
Anavex Life Sciences1.35+0.01
Metalex Ventures0.05-0.00
Russel Metals22.11+0.70
Copper Mountain Mining0.63-0.01
Colorado Resources0.075-0.005
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02-0.01
Mission Ready Services0.085+0.015
Decisive Dividend Corp2.75+0.14

 





FEATURED Property
23816331725 Harrison Road
3 bedrooms 4 baths
$2,800,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_



27299

26586


Member of BC Press Council


27438