- After 12 years and C$34 billion , Canada 's Trans Mountain pipeline expansion project is set to start shipping oil on Wednesday, a major milestone expected to transform access to global markets for the country's producers.
The expanded pipeline was first proposed by Kinder Morgan in 2012. It was bought by the Canadian government in 2018 to ensure the controversial project got built, but construction has been marred by regulatory delays and costs soaring to more than four times the project's original budget. For Ottawa, the project's completion comes as a relief. Prime Minister Justin Trudeau's Liberal government was slammed by environmental campaigners for buying the pipeline in the first place, and has drawn sharp criticism during the construction process for spiralling costs.
"The Trans Mountain Expansion Project will ensure Canada receives fair market value for our resources while maintaining the highest environmental standards," said Katherine Cuplinskas, press secretary to Deputy Prime Minister Chrystia Freeland.Canadian oil production is forecast to hit a record high of around 5.3 million bpd this year, according to TD Securities, as producers ramp up output in anticipation on TMX's new capacity.
Conservative premier Smith is a frequent critic of Trudeau's Liberals but thanked the federal government for seeing the project through, and said stronger Canadian crude prices would result in many millions of dollars extra in government revenues.Electric cars pile up at European ports as Chinese firms struggle to find buyersCALGARY — The long-awaited Trans Mountain pipeline expansion is complete and the Canada Energy Regulator has given the go-ahead for the project to open.
Michael O'Leary says that if football players and their managers can get paid in the multi-millions, why not him?BEIJING — Tesla CEO Elon Musk met with a top government leader in the Chinese capital Sunday, just as the nation's carmakers are showing off their latest electric vehicle models at the Beijing auto show. Chinese Premier Li Qiang told Musk that he hopes the U.S.
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