Friday, July 25th19.8°C
22663
22412

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 TSX15455.04+60.59
S&P CDNX1017.445.79
DJIA16960.57-123.23
Nasdaq4449.564-22.543
S&P 5001978.34-9.64
CDN Dollar0.9247+0.0002
Gold1294.80+4.2001
Oil104.30-0.29
Lumber326.00+0.20
Natural Gas3.783-0.064

 
Okanagan Companies
Pacific Safety0.185-0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07-0.01
Anavex Life Sciences0.275-0.005
Metalex Ventures0.08+0.01
Russel Metals35.36-0.21
Copper Mountain Mining2.820.00
Colorado Resources0.21+0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.19+0.01

 





FEATURED Property
178914315542 Whiskey Cove Road, Lake Country, BC
3 bedrooms 3 baths
$1,595,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22581