Pieces of the Trans Mountain pipeline in a storage lot outside of Abbotsford, British Columbia. | COLE BURSTON/AFP via Getty ImagesOTTAWA — Prime Minister Justin Trudeau’s government is so committed to selling the Trans Mountain pipeline it owns that the Liberal Cabinet recently approved an additional C$3 billion to finish the expansion project.
“As part of this process, the Government of Canada has provided a loan guarantee on behalf of the corporation,” Faucher said. “This is common practice and does not reflect any new public spending. The company is paying a fee to the government for this loan guarantee.”Buying the pipeline came with high political risk for the Trudeau government and it remains a liability for the party heading into the next election, scheduled for fall 2025 — unless a vote is triggered earlier.
The pipeline was originally built in 1953, running a 715-mile route from Edmonton, Alberta, to Burnaby, British Columbia, to move more Canadian oil to markets in Asia. Construction of the expanded pipeline is projected to be completed in late 2023.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ReutersScience - 🏆 559. / 51 Read more »
Source: Reuters - 🏆 2. / 97 Read more »