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The purchase price reflects ConocoPhillips's capital contributions to date and includes an allowance for funds used during construction. TransCanada will also assume responsibility for ConocoPhillips's share of the capital investment required to complete the project resulting in an incremental commitment of approximately $1.7 billion through the end of 2012. The transaction is expected to close in the third quarter of 2009, subject to the receipt of certain regulatory approvals.
When completed, Keystone will have the capacity to deliver 1.1 million barrels per day. The first phase of Keystone is currently under construction. It will extend 3,456km from Hardisty, Alberta to US Midwest markets. It will have an initial nominal capacity of 435,000 barrels per day and serve markets in Wood River and Patoka, Illinois. Commissioning of this segment is expected to commence in late 2009 with commercial operations to follow in early 2010.
The line will subsequently be expanded to a nominal capacity of 590,000 barrels per day and extended to Cushing, Oklahoma. Commissioning of the Cushing segment is expected to commence in late 2010.
Keystone is also currently seeking the necessary regulatory approvals in Canada and the US to construct and operate an expansion and extension of the pipeline system that will provide additional capacity of 500,000 barrels per day from western Canada to the US Gulf Coast in 2012.
The Keystone expansion will extend 2,720km from Hardisty, Alberta to a delivery point near existing terminals in Port Arthur, Texas. Construction of the expansion facilities is anticipated to commence in 2010 following the receipt of the necessary regulatory approvals. The total capital cost of Keystone is expected to be approximately $12 billion. Approximately $2.7 billion has been spent to date with the remaining $9.3 billion to be invested by the end of 2012.
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