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Bloomberg
The oil pipeline that Canadian Prime Minister Justin Trudeau’s government approved is slated to start shipping crude as early as 2022 and cost more than C$7.4 billion ($5.6 billion) after legal delays hampered the construction process.
The Trans Mountain expansion, which would carry 590,000 more barrels of crude from Alberta’s oil sands to a port in Vancouver, was delayed for eight months as the federal government conducted additional environmental reviews and consultations with indigenous groups, Trans Mountain CEO Ian Anderson said. “We all know that time is money and delays are going to push up costs,†Anderson said, without providing more specific estimates. The 2022 target assumes that “all goes well†on the regulatory and construction fronts and that work begins in September of this year, Anderson said.