TransCanada (NYSE:TRP) is moving forward with its Energy East Pipeline project that would transport crude oil from western Canada to refineries in eastern Canada, the company announced today.

The pipeline would have the capacity to move 1.1 million barrels per day, and TransCanada says it sees "confirmed strong market support" for 900,000 barrels per day of "firm, long-term contracts."

"This is an historic opportunity to connect the oil resources of western Canada to the consumers of eastern Canada, creating jobs, tax revenue and energy security for all Canadians for decades to come," said TransCanada CEO Russ Girlilng in the company's statement.

He also said that "the industry also requires additional pipelines such as [TransCanada's] Keystone XL to transport growing supplies of Canadian and U.S. crude oil to existing North American markets."

The Energy East project will involve converting 1,864 miles of natural gas pipeline and constructing approximately 870 miles of new pipeline.

The company said the pipeline would cost approximately $12 billion, and expects it to be in service by late 2017 for deliveries to Quebec, and 2018 for deliveries to New Brunswick. TransCanada said it will seek regulatory approval for the pipeline in early 2014.