The new project will include a 200km pipeline, which will connect the Edmonton region to facilities in Hardisty, Alberta and a terminal facility in the Heartland industrial area north of Edmonton.
The new pipeline is expected to transport about 900,000 barrels of crude oil a day, while the terminal is expected to store about 1.9 million barrels of crude oil.
The new projects are expected to commence service in the second half of 2015.
TransCanada energy and oil pipelines president Alex Pourbaix said that Alberta oil production is expected to reach three million barrels per day in the next 15 years, while it is crucial to have enough infrastructures to carry these resources safely to market at the right time.
"These projects will help link Canadian crude oil resources in northern Alberta to markets in Eastern Canada and the United States," Pourbaix added.
