(The Canadian Press)
Canadian Pacific (TSX:CP) is expanding its network for hauling crude oil from the Bakken formation that straddles the U.S.-Canada border to destinations across North America.
The Calgary-based rail company said Tuesday that a planned hub at Van Hook, N.D., will be able to move up to 35,000 barrels per day of crude and related products to CP rail cars from trucks serving Bakken drilling sites.
The hub, located on CP’s North Dakota rail network, will be developed by U.S. Development Group.
“This partnership with USD strengthens our network and advances our strategy to drive volume growth, expand network capacity and achieve targeted improvements in our operating efficiency,” Jane O’Hagan, CP executive vice-president and chief marketing officer, said in a statement Tuesday. Read more here.
Date: March 7, 2012