Canada Fast-Tracks Major Oil Pipeline Project Amid Trade Tensions
Canadian Prime Minister Mark Carney has announced plans to fast-track the approval process for the Pacific Link oil pipeline project, which will carry crude oil from Alberta to a deep-water port near Delta, British Columbia.
The 1,250km-long pipeline is expected to boost Canada's GDP by up to C$30bn per year and create 140,000 jobs. Carney argues that this project is crucial for diversifying Canada's oil markets away from the US and reducing its dependence on American trade.
Carney stated that a pipeline to the west coast is 'part of our mission to transform our economy' and allow Canada to double its non-US exports over the next decade. The Pacific Link project will also be a test of his promise to global investors that Ottawa can quickly build major projects.
The pipeline, which will have the capacity to carry approximately one million barrels per day of crude oil, is expected to reduce Canada's overall dependency on the US to 65-70%. It will also provide access to markets in the Asia-Pacific region, including South Korea, China, and Japan.