Private developer to propose Canada’s first crude oil SPR on eastern coast

AI Summary

Triple Point Resources, a private developer, proposes building Canada’s first crude oil strategic petroleum reserve on the eastern coast using salt caverns. The project aims to enhance national energy security and sovereignty with a capacity of up to 100 million barrels.

Private developer Triple Point Resources is proposing construction of Canada’s first strategic petroleum reserves for crude storage in salt caverns on the nation’s eastern coast, with a nameplate capacity up to 100 million barrels, driven primarily by changes in global energy security and a growing need for sovereignty, CEO Julie Lemieux said June 29. “A ...