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Market Chatter: Trans Mountain Fast-Tracks Expansion to Boost Oil Exports to Asia

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Canadian government-owned Trans Mountain is accelerating its expansion plans, including a 10% increase in oil flow by year-end, to meet more of Asia's needs amid disruption in the Middle East, Bloomberg reported Tuesday after interviewing its CEO.

Trans Mountain operates Canada's only pipeline transporting oil to its West Coast for export. Longer term, it plans to increase capacity to 1.2 million barrels per day from 890,000 bpd by the end of 2028, and to add 1 mmbbls/d between 2032 and 2034.

The company sees China as a major growth market for Canadian heavy oil, along with India, Korea, and Thailand, Bloomberg quoted CEO Mark Maki as saying in an interview. Global supply tightness and Canada's recent trade dispute with the US have pushed the country to deepen economic ties with other regions, such as Asia, the news agency said.

has reached out to Trans Mountain to seek further information about the project status and target export markets.

(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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