Oct 2 (Reuters) - The construction of the southern leg ofthe Keystone XL crude oil pipeline is expected to be completedby the end of October, TransCanada Corp executive Les Cherwenuksaid on Wednesday, according to Bloomberg News.
The 700,000 barrel per day pipeline will carry crude oilfrom Cushing, Oklahoma, delivery point of the U.S. crude oilfuture contract, to the Gulf Coast. Cherwenuk said the companywould start filling the line shortly after construction iscompleted, the Bloomberg report said.
The company has been targeting completion of the projectbefore the end of 2013.
The line fill is expected to draw a significant volume ofoil stocks from the Cushing storage hub, traders said. U.S.crude oil futures were up by 86 cents a barrel at $102.90 by10:53 a.m. EDT (1453 GMT), outpacing gains in internationalbenchmark Brent.
The decision on building the northern leg of Keystone XL,which would carry crude from the Canadian oil sands to Cushing,is not expected to be made in Washington until next year.
- Investment & Company Information