TransCanada’s (TSX, NYSE: TRP) proposed west-east pipeline could create 10,000 full-time jobs and generate $10 billion in additional GDP during the construction phase, said a report prepared by Deloitte & Touche released today.
The economic analysis shows 2,300 jobs will be created during the development phase of the proposed Energy East pipeline to New Brunswick and other 7,700 will be added during construction.
“Energy East is a critical infrastructure project for all Canadians because it will enhance our country’s energy security, allow us to receive greater value for our important natural resources and will create tangible economic benefits for communities across the country,” Russ Girling, TransCanada’s president and chief executive officer, said in a statement.
“This pipeline is an excellent example of how Canada’s oil and gas sector is truly a national industry that generates thousands of jobs, billions of dollars in economic benefits and billions more in tax revenues.”
During the expected 40-year operational life of the project, Deloitte projects $7.2 billion of additional tax revenues.
TransCanada operates a network of natural gas pipelines that covers over 68,500 kilometres and tap into gas supply basins in North America. The firm is also developing one of North America’s largest oil delivery systems.
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