09/10/2013 07:44 EDT | Updated 11/10/2013 05:12 EST

TransCanada to reveal Energy East economic benefits

Calgary-based TransCanada Corp. will release a report on Tuesday morning that shows the potential economic spinoffs from the company’s proposed west-east pipeline.

Russ Girling, the company’s president and chief executive officer, will release the economic analysis, which was conducted by an outside consultant, at news conference scheduled for 9 a.m. AT.

The Energy East pipeline project, which still needs regulatory approval, would send 1.1 million barrels of oil per day from Western Canada to refineries and export terminals in Eastern Canada.

The corporation announced in August it would move forward with the project and it has been holding meetings in New Brunswick to discuss the pipeline with citizens in communities that could be affected.

TransCanada has estimated the project will cost $12 billion, excluding the transfer value of Canadian Mainline natural gas assets.

The company is proposing to convert roughly 3,000 kilometres of natural gas pipeline on its existing Canadian Mainline route so it can carry crude oil.

It would also construct 1,400 kilometres of new pipeline to carry crude oil into Saint John, where it will end at the Canaport LNG terminal.

The New Brunswick government has estimated the project has the possibility of creating 2,000 jobs during the construction phase of the pipeline and a few hundred refining jobs after it is operating.