Carney Touts Pacific Link Pipeline as Symbol of Pan-Canadian Cooperation

Bank of Canada Governor Tiff Macklem's predecessor, Mark Carney, announced that Alberta's pipeline project has been given special interest designation and will be called Pacific Link. The estimated $35 billion to $44 billion project will be split between Trans Mountain Corp., a federal Crown corporation, and the provincially owned Alberta Petroleum Marketing Commission.

Indigenous communities will have a minimum 10% ownership stake, financed through federal and provincial loan programs. Calgary-based Pembina Pipeline Corporation is investing in the project as a private sector partner, with the potential to earn up to 20% of profits.

The pipeline aims to carry over one million barrels of crude oil per day from Bruderheim, Alberta to a port near Delta, British Columbia. This will help reduce Canada's dependence on US markets and open up trade opportunities in Asia, particularly with South Korea, China, and Japan.

Carney stated that the pipeline is part of Canada's mission to double non-US exports over the next decade and transform its economy into a global energy superpower.