Canada Faces $15 Billion Loss on Oil Pipeline
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Loading... - Zoe Romero
- 20 Mar 2023
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Canadian taxpayers may end up taking a loss of C$20 billion (nearly $15 billion) on the government-owned Trans Mountain Pipeline after costs to expand it skyrocketed, according to Morningstar Inc.
Prime Minister Justin Trudeau’s government will probably get no more than C$15 billion when it goes to sell Trans Mountain — and possibly much less, Morningstar analyst Stephen Ellis said in an interview.
The government paid Kinder Morgan Inc. C$4.5 billion for the system in 2018 after the midstream company threatened to cancel plans to nearly triple its capacity to 890,000 barrels a day. The cost of that project has soared to about C$31 billion because of a range of factors including supply-chain challenges. Read More..
