Crude-by-rail business gaining speed
Apr 29, 2013 | 05:34 PM
| Corinna Petry
CHICAGO As the volume of crude oil shipments by rail continues to accelerate, more Class I railroads are teaming up with producers, refineries, pipeline and terminal operators, and others to move the product to consumption points.
Montreal-based Canadian National Railway Co. (CN) said that its crude-by-rail revenue jumped 300 percent in the first quarter of 2013.
"We expect a new crude loading terminal to open on our line in the coming months," chief marketing officer Jean-Jacques Ruest said during a recent earnings call, adding that CN and pipeline companies "cooperate where it makes sense."
"Refiners today (see) that getting product by rail allows them to get a price they cant get from a pipe," he said. "(As) refiners invest in (tank car) fleets, pipeline companies are getting interested in doing multimodal with the railroad and investing in terminals."....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.