(CN issued the following on June 12.)
EDMONTON — E. Hunter Harrison, president and chief executive officer of CN, said today the railway is strongly positioned to seize growing freight opportunities driven by Alberta’s booming oil sands energy sector.
Harrison, speaking to the Edmonton Chamber of Commerce, said CN’s extensive network in northern Alberta, coupled with its continental reach and access to three coasts and beyond, make it a leading transportation services provider for the oil sands and other industrial developments in the region.
Transportation opportunities are significant for CN. The oil sands reserves in northern Alberta are second only to Saudi Arabia’s, and, according to the Conference Board of Canada, industry will invest more than C$100 billion over the next decade in oil sands development, construction and infrastructure upgrading.
Harrison said CN’s main line through Edmonton will play a key role in another major economic opportunity for the company – the new Port of Prince Rupert container terminal, scheduled to start operation in the third quarter of 2007. The terminal will create a new North American gateway for products and commodities moving between Asia and key centres on CN’s rail network.
Harrison said CN has invested heavily – and will continue to invest – in Western Canada to prepare itself for these major developments. These investments will improve transportation for shippers and aid regional economic development.
In Western Canada alone, CN in 2007 plans to invest nearly C$350 million in track infrastructure to enhance the plant and to take advantage of growth prospects in North American trade with Asia and the boom in the West.
CN also announced today construction of a C$1.6-million transload facility at one of the company’s main Edmonton rail yards off Yellowhead Trail. The Edmonton Bissell CargoFlo operation, to be operated by CN WorldWide North America, will permit rail-to-truck transfer of products such as methanol, sodium hydroxide, drilling mud, ethanol, and biodiesel.
CN has leveraged its continental freight franchise to attract methanol imports to the Edmonton area from Kitimat, B.C., Ste. Rose, La., and Limoilou, Que.
For more information on CN’s oil sands freight franchise, click here.