Cameron Goldade: We’re looking at it as our equity contribution.
Robert Kwan: That’s great. Thank you.
Operator: Your next question comes from Patrick Kenny of National Bank. Your line is already open.
Patrick Kenny: Thank you. Good morning guys. Wondering if you had any thoughts on the — how the destination of TMX volume plays out here Asia versus California and how this dynamic might create opportunities for your tankage footprint or perhaps blending operations, whether at North 40, baseline, [Indiscernible], you name it. Just your general thoughts on opportunities across your system?
Chris Scherman: Hey It’s Chris. I think it’s very difficult at this point for us to opine on where those volumes are going to end up. So we’ll probably stay away from that one. But undoubtedly, there’s some positive flow back into our business from that commerce going last, and I think it shows up to some migraine tanks as customers are trying to optimize flows East and West as well as they’re trying to manage quality. So, we definitely see a bit of a tailwind there and are optimistic about what it means for the basin more broadly, but certainly for our tankage in our business.
Jaret Sprott: And obviously, Pat, the number one significant impact to Pembina long-term, and I’m going to talk about this a little bit more next week is increased egress, it will raise the price of the heavier oils here in Western Canada, that should spur on incremental supply that will require condensate. Obviously, Pembina has a fairly large condensate business with respect to peace and [Indiscernible]. So, higher utilization and incremental expansions to get more condensate into the Edmonton market, which ultimately will head up into the new supply that’s coming on. So, that’s really where Pembina significantly benefits.
Patrick Kenny: Got it. Okay. No, that’s great. Appreciate that. And then maybe just on your hydrogen ammonia opportunity at Redwater, if I recall, I believe the FEED study was expected to be completed by now. So, maybe just a status update there. And then curious, too, if you believe the sequestration economics for your customers can be underwritten solely by the proposed ITCs or perhaps these economics are also contingent on mitigating the price of carbon through CFDs or otherwise.
Stuart Taylor: Pat, it’s Stu. I’ll start. We continue, as you mentioned, we progressed our ammonia project. We’re wrapping up the prep work. We’ve had — Marubeni [ph] has been a great partner to work with. We progressed that study. It’s a large amount of work. We have to look at the partnership, the capital structure, the capital for that project, look at the markets, the market timing, the Canadian government timing as well on things. And so we’re continuing to progress that study and looking at all the integration of all the pieces there, and we’re going to go and have further conversations with our partner in the coming weeks and see where we go with this project. It still is early days, and we’re learning a lot as we go, and we’re anticipating further information coming out from Asian governments as well as Canadian governments in the near future that will shed some light on the feasibility of the project itself.
With respect to carbon pricing. We’ve done a lot of work on our ACG project. We’re pretty pleased where we’re sitting. We’ve completed our appraisal well. There’s still some works in downhole subsurface that’s going to be completed. We’re looking — we’ve got the — an infrastructure plan and a preliminary capital cost estimate for that. But there’s no question on the carbon sequestration side, it comes down to — we have a cost for the sequestration our customers have a capture cost as well and trying to find that balance and what can be afforded. And what are the government policies on a go-forward basis from a pricing perspective and what’s needed to support that project. And it’s challenging at this point in time before I think many customers is the costs are not getting cheaper for carbon sequestration capture in particular.
And so we’re working through that with, again, our partner, TC Energy, and our various customers that we’re having conversations with.
Patrick Kenny: Okay. That’s great Stu. Thanks. I appreciate your comments.
Operator: There are no further questions at this time. I would hand over the call to Scott Burrows, President and CEO, for closing comments. Please go ahead.
Scott Burrows: Thanks, everyone, and thanks for taking the time to listen to us today. Again, just a friendly reminder of our AGM this afternoon and our Investor Day next week, and we look forward to seeing many of you there. Have a great weekend.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation and you may now disconnect.
