The Trans Mountain oil pipeline owned by the Canadian government since 2018 is marking a significant loss after huge budget overruns and delays to its expansion project..The information came from the Canada’s parliamentary budget officer (PBO) on Wednesday..PBO Yves Giroux presented the report and said the pipeline is in the hole for $600 million — a figure determined by the difference between the pipeline’s purchase price of $4.4 billion and income from the project to date since purchase..The PBO report providing independent advice to Parliament is bad news for Prime Minister Justin Trudeau’s Liberal government whose sole reason for buying the pipeline project was to secure its completion, clear the blocks to the project, and keep Alberta’s oil moving..Despite the evolving energy crisis following Russia’s invasion of Ukraine, Trudeau faced criticism for investing in and developing the oil pipeline undermining Canada's goals of slashing greenhouse gas emissions..The beleaguered oil pipeline project currently moves around 300,000 barrels of oil every day from Edmonton along to the Pacific coastline in BC..Project expansion for the pipeline currently underway could potentially increase its capacity by 300%..The PBO reported the cost of the pipeline expansion at $3.6 billion and $4.6 billion in 2019..Expansion costs increased from $12.6 billion to $21.4 billion. Its completion date was delayed by nine months until late 2023, a Trans Mountain Corp spokesperson said in February.
The Trans Mountain oil pipeline owned by the Canadian government since 2018 is marking a significant loss after huge budget overruns and delays to its expansion project..The information came from the Canada’s parliamentary budget officer (PBO) on Wednesday..PBO Yves Giroux presented the report and said the pipeline is in the hole for $600 million — a figure determined by the difference between the pipeline’s purchase price of $4.4 billion and income from the project to date since purchase..The PBO report providing independent advice to Parliament is bad news for Prime Minister Justin Trudeau’s Liberal government whose sole reason for buying the pipeline project was to secure its completion, clear the blocks to the project, and keep Alberta’s oil moving..Despite the evolving energy crisis following Russia’s invasion of Ukraine, Trudeau faced criticism for investing in and developing the oil pipeline undermining Canada's goals of slashing greenhouse gas emissions..The beleaguered oil pipeline project currently moves around 300,000 barrels of oil every day from Edmonton along to the Pacific coastline in BC..Project expansion for the pipeline currently underway could potentially increase its capacity by 300%..The PBO reported the cost of the pipeline expansion at $3.6 billion and $4.6 billion in 2019..Expansion costs increased from $12.6 billion to $21.4 billion. Its completion date was delayed by nine months until late 2023, a Trans Mountain Corp spokesperson said in February.
