The Canadian government is backing up to C$3 billion ($2.24 billion) in loans for Trans Mountain Corp (TMC), the crown corporation building an over-budget and long-delayed oil pipeline expansion to Canada's Pacific Coast.
The information was disclosed on Export Development Canada's website this week, and shows two new loan guarantees signed in late March and early May.
The Trans Mountain Expansion will nearly triple the flow of crude from Alberta's oil sands to Burnaby, British Columbia, to 890,000 barrels per day and is intended to boost access to Asian refining markets. Last year Finance Minister Chrystia Freeland said no more public money would be invested in the project, and TMC has said it is seeking external financing.
"The federal government does not intend to be the long-term owner of the project and will launch a divestment process in due course," Faucher said in a statement, adding the project remains commercially viable.
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