An 80-mile-long chunk of the Vantage Pipeline system to carry ethane gas from North Dakota to Alberta has been approved by the U.S. State Department and the President. Ethane is used as a feedstock for making various plastics and other consumer products.
While this is not the 1,800-mile-long Keystone XL pipeline, supporters of the massive project proposed by TransCanada Corp. (NYSE: TRP) didn’t let an opportunity pass to encourage the President and the State Department to get on with approving the Keystone XL. North Dakota Senator John Hoeven noted that it took just three years to approve the Vantage pipeline and that Keystone XL is still awaiting a decision after five years.
Hoeven also said that construction of the pipeline will inject $300 million into the U.S. and Canadian economies and expand the market for North Dakota natural gas. The pipeline will transport ethane gas produced by Hess Corp. (NYSE: HES) to a chemical plant in Canada owned by NOVA Chemicals.
One beneficial environmental side effect of the new pipeline will be a reduction in gas flaring.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
