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Or sign-in if you have an account.The expanded Trans Mountain has opened up significant exports of Canadian crude to Asia for the first time, improved the price that oil producers receive for their crude. Photo by Roger Asbury/Adobe Stock/PostmediaTrans Mountain Corp. has reached a deal with oil shippers after a prolonged dispute over fees to use its crude pipeline that feeds Asia, helping pave the way for a potential equity sale and a proposed new line to be built.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe settlement was filed with the Canada Energy Regulator and covers tolling, tariffs and service-related matters, the government-owned company said in a news release on Tuesday. It operates the sole crude pipeline system that carries oil from the Canadian oil sands to a domestic port on the Pacific coast near Vancouver.The capacity of Trans Mountain pipeline, a 1950s era conduit, tripled two years ago to 890,000 barrels a day through the addition of a second line. Oil companies including Cenovus Energy Inc., Canadian Natural Resources Ltd. and BP PLC. have complained the tolls Trans Mountain charged were too expensive after the expansion’s final price tag rose almost six-fold to about $34 billion.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againLast week, the Canada’s federal government and the province of Alberta announced Trans Mountain will lead efforts to build a third line with one million barrels a day of capacity largely running along its existing route.The agreement on fees, which is subject to CER approval, was reached after 18 months of negotiations with shippers and it “establishes a comprehensive long-term framework” moving forward. The agreement also increases the level of firm contracted capacity on the system to 90 per cent from 80 per cent following an open season earlier this year. Trans Mountain is requesting CER approval of the settlement by Oct. 1, with the deal potentially going into force by Jan. 1, 2027, the company said.Since starting operation, the expanded Trans Mountain has opened up significant exports of Canadian crude to Asia for the first time, improved the price that oil producers receive for their crude and reduced Canada’s near total dependence on the United States as a customer for oil.A second open season for shippers to secure contracted capacity is planned for July 13 to Aug. 10 for an additional 90,000 barrels a day of capacity that will be added by year end. The capacity will be added by using chemicals to speed the flow of oil through the system. The company is planning to add 300,000 barrels a day of additional capacity by the end of 2028.Resolution of the final tolls could facilitate at least a partial sale of Trans Mountain to private investors, including Indigenous communities. The government under previous Prime Minister Justin Trudeau bought the pipeline from Kinder Morgan Inc. in 2018 to ensure the expansion went ahead, while pledging to not be a long-term owner of the system. But earlier this year Elizabeth Wademan, chief executive of Canada Development Investment Corp., the Crown corporation that manages Trans Mountain, said the government should hold onto ownership long term because of the asset’s strategic nature. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.