UPDATE: CN Signs 10-year Agreement To Haul Canpotex Potash Volumes
CN (NYSE: CNI) announced today it has signed a 10-year agreement, effective July 1, 2012, to transport potash volumes that Canpotex ships to export markets.
CN will haul via its southern British Columbia (B.C.) line a portion of what Canpotex exports through CN-served Neptune Terminals in North Vancouver.
CN and Canpotex will also continue work on the feasibility of a potential new potash export gateway terminal in Prince Rupert, B.C., which would be served by CN over its northern B.C. line. In both cases, train design will be highly efficient, utilizing distributed power locomotives pulling 170-car trains.
Jean-Jacques Ruest, CN executive vice-president and chief marketing officer, said: "We are very excited to partner with a customer like Canpotex that has such a world-class distribution system."
Steven Dechka, president and chief executive officer of Canpotex, said: "Canpotex is focused on growth, efficiency and strategic investments. We are pleased again to be partnering with CN, a company that shares the same values and will help us achieve these objectives."
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