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Market Chatter: Canada's Alberta Province Approaches Rongsheng Petrochemical on Oil Supply Deal

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Canada's Alberta province has approached Rongsheng Petrochemical (SHE:002493) on a proposal to buy oil from a planned million-barrel-a-day pipeline to British Columbia, Bloomberg reported Friday, citing people familiar with the matter.

The Chinese refinery is already the largest buyer of crude from Canada's Trans Mountain Pipeline, the country's sole West Coast route for crude that runs from Edmonton, Alberta.

Alberta's provincial government is yet to finalize the new project, with plans to announce details by July. Construction could begin as early as late next year following federal approval, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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