Valero received US Department of Commerce approval to ship Eagle Ford crude oil to a refinery in Quebec City, Canada. A shipment has yet to set sail, but the company expects it could save $1-2 per barrel by utilizing Gulf Coast (Eagle Ford) volumes versus crude shipped across the Atlantic.
The Department of Commerce permit was approved in November and is good for 12 months. The permit restricts exports to Eastern Canada. Valero has not indicated when it will begin making shipments to the Quebec refinery from the Gulf Coast.
Read the full article at bloomberg.com