TransCanada exec says Asian markets an option

January 11, 2012

(AP)  OKLAHOMA CITY — If the U.S. government doesn't approve plans for the 1,700-mile Keystone XL oil pipeline from Canada to Texas, Canadian oil producers will look to Asian markets, a company executive said Tuesday.

Robert Jones, TransCanada Corp.'s vice president for Keystone pipelines, said that while the company prefers to ship oil from the tar sands in western Canada to Gulf Coast refineries in Texas, he acknowledged Asian markets, particularly China, are an attractive option.

"China's economy is growing at a rate of 9 to 11 percent every year, so they are very interested in buying Canadian oil," Jones said during a meeting of the Downtown Rotary at the Petroleum Club in Oklahoma City. "Personally, I think it makes much more sense for us to continue to develop oil in the nation and keep it within the continent, because it benefits both countries and it's just efficient. However, if the border is shut to Canada, we will go west. We will go to Asian markets. There's no question about that." READ MORE