Canada Speeds Up Pacific Link Pipeline Project

Canada's Prime Minister Mark Carney has fast-tracked the Pacific Link pipeline project, aiming to start construction in September 2027. The project is considered a 'project of national interest,' allowing the government to bypass some regulatory processes and grant exemptions from certain laws.

The pipeline will transport up to one million barrels of oil per day from the Alberta oil sands to a new terminal near Vancouver, with capacity to export an additional one million barrels daily to Asia. Carney stated that this would reduce Canada's dependence on the US market and create hundreds of thousands of jobs.

Pembina Pipeline Corp. will own 10% of the project initially, with an option to increase its stake to 20%, and Indigenous groups will also have at least 10% ownership. The construction price tag is estimated to be between C$35.2 billion and C$43.7 billion.

Carney acknowledged that previous projects faced regulatory hurdles, but emphasized the economic benefits of Pacific Link, including 'tens and tens of billions' in new investment for the Canadian economy.