New York City-based Brooklyn-based oil fund Unclaimed Funds announced Tuesday that it is aiming to spend $3 billion to fund the development of an oil pipeline from Brooklyn to New Jersey.
The pipeline is part of an ambitious plan by the New York-based fund to develop the shale gas and shale oil reserves of northeastern New Jersey, which is also home to the world’s largest oil and gas reserves.
Unclaimed Fund said it will invest $3.5 billion in the pipeline project.
“We are thrilled to be bringing this project to fruition,” said Mike Stenning, CEO of Unclaimed, in a press release.
“The pipeline will provide significant benefits for the New Jersey region, and will also benefit our state and New York.”
The pipeline would connect to the New Brunswick, New Jersey-based pipeline company Enbridge, which has proposed a route to New York state that would bring up to 20 million barrels of oil per day.
New Jersey Gov.
Chris Christie has been pushing to approve the pipeline to move gas from Pennsylvania to New Brunswick.
Unnamed state officials have previously said that the pipeline would be a win for New Jersey because the oil would flow north into New Jersey and the pipeline could be built at the same time as the pipeline from Pennsylvania.
The governor’s plan has been backed by energy experts and the New American Energy Coalition, a coalition of energy companies and trade associations.
In December, the U.S. Senate Committee on Environment and Public Works approved an environmental impact statement for the pipeline, which would require New Jersey to spend up to $3 million to review the environmental impacts.
The committee approved the pipeline last month.
“This is a great project for New York,” said Peter Schaffer, president and CEO of the New America Foundation.
“There’s no better place to do that than the Atlantic coast of New Jersey.”
Unclaimed is one of the largest oil funds in the world, with assets of about $6 billion.
Its shares closed Tuesday at $4.70, down 1.8 percent from their $5.20 price on Tuesday.
It was one of a few private funds that were not listed on Bloomberg, but it is one that Bloomberg said had invested in the Brooklyn-New Jersey pipeline.
“Unclaimed’s pipeline plan will generate billions in benefits for New America and for New Yorkers,” said Mark Steyn, a former Breitbart News editor and the founder of the Liberty Institute, in an emailed statement.
“It is a win-win for the region and for Americans across the country.”
