WINNIPEG, Manitoba - TC Energy's planned oil pipeline spin-off is a bet that it can supply more Canadian crude to U.S. Gulf of Mexico refiners, but the venture faces stiff competition and will carry high debt when it starts up.
Gulf exports are not a strong option, however, for South Bow, which has access to third-party marine facilities, said Hillary Stevenson, senior director of energy market intelligence at research organization IIR Energy. South Bow's capital priorities will be repaying debt, organic growth and shareholder returns, its incoming president, Bevin Wirzba, said on a quarterly conference call on Friday.
That leaves South Bow's plan to increase its portion of the medium and heavy sour crude refined in the Gulf dependent on displacing other foreign suppliers. "They're going to be more of a slower-growth type of entity, not necessarily an aggressive acquirer," he said." limits your ability to grow."
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