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TransCanada Plans $3 Billion Pipeline With PetroChina

TransCanada Corp. and a unit of PetroChina Co. Ltd. agreed to develop a C$3 billion ($3 billion) oil pipeline to ship crude from oil-sands projects in northern Alberta.

TransCanada and Phoenix Energy Holdings Ltd. will each own 50 percent of the proposed Grand Rapids Pipeline, which will ship oil 500 kilometers (310 miles) from the Fort McMurray oil-sands production area to Edmonton, according to a statement yesterday.