Medical and Hospital News
OIL AND GAS
Canada provides new loan guarantees for disputed pipeline
Canada provides new loan guarantees for disputed pipeline
by AFP Staff Writers
Montreal (AFP) Aug 5, 2023

The Canadian government has guaranteed billions in new commercial loans to finance the controversial Trans Mountain pipeline project amid growing concerns of huge cost overruns.

The government nationalized the project, running from Alberta province to the Pacific coast, in 2018.

The new loan guarantees -- totaling up to Can$3 billion ($2.25 billion) -- were agreed in late July but appeared on the government website of Export Development Canada (EDC) only late Friday.

This was the EDC's third announcement this year of new commercial loan guarantees for the project.

The cost of the pipeline extension, estimated in 2017 at Can$7.4 billion, had soared by this March to Can$30.9 billion.

Last year, with costs rising fast, the federal government announced a new loan guarantee worth Can$10 billion.

Parliament's budget officer estimated at that time that the project had become a "net loss" for Canada, with construction costs set to exceed its value.

The project has been the source of heated controversy since the beginning.

The project would run alongside an existing pipeline, tripling the capacity for transporting petroleum from the tar sands of Alberta to the Pacific coast for export mainly to Asian markets.

While the petroleum industry in Alberta insists it is needed, ecologists warn of serious risks to the environment, and some Indigenous peoples in British Columbia say it would cut illegally through land they say they govern.

The government of Prime Minister Justin Trudeau in 2018 declared the project to be of "national interest" and took ownership for Can$4.4 billion -- infuriating environmental groups.

After repeated delays, work is set to begin next year.

Related Links
All About Oil and Gas News at OilGasDaily.com

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
OIL AND GAS
Ecuador jungle community hopes vote will end oil drilling
Bameno, Ecuador (AFP) Aug 4, 2023
Armed with a long blowgun and darts laced with poison extracted from plants, Kominta walks naked through the thick Ecuadorian jungle, where oil exploration is threatening his way of life. "The jungle is my home, and I don't want strangers in my territory," the Waorani hunter tells AFP in the southeastern village of Bameno, in a region bordering Peru. His community of about 200 people is in Yasuni National Park, one of the most diverse biospheres in the world, and home to two of the world's last ... read more

OIL AND GAS
At least 16 killed in landslide in Georgia

China says natural disasters caused 147 deaths or disappearances in July

Hundreds protest as Lebanon marks 3 years since Beirut blast

Burnt-out car transport ship limps into Dutch port

OIL AND GAS
New Galileo station goes on duty

Potential earthquake precursor discovered through GPS measurements

Northrop Grumman's new airborne navigation system achieves successful flight test

Fugro and GomSpace deliver world class position and timing accuracy onboard LEO satellites

OIL AND GAS
Indigenous chiefs demand action from Brazil govt on land rights

New insights into the origin of the Indo-European languages

Vibrating vests translate music for deaf concertgoers

Gullah Geechee, descendants of enslaved, fight to protect US island

OIL AND GAS
Two men arrested over wolf shooting in Hungary

Running wild: stray dogs threaten rare Balkan lynx

Protecting wildlife and restoring natural ecosystems

Wildlife lovers urged to join UK's annual butterfly count

OIL AND GAS
US widens blacklist of firms over Uyghur forced labor concerns

Ancient pathogens emerging from melting ice and permafrost risk eroding ecosystems

Croatia targets latest climate-change threat: mosquitoes

MIT researchers to lead a new center for continuous mRNA manufacturing

OIL AND GAS
US says concerned over Chinese reclamation in Manila Bay

US House panel probes BlackRock, MSCI on China investment flow

Hong Kong public broadcaster cancels LGBTQ radio show

'Happy Dancing' routine boosts fitness in fast-ageing China

OIL AND GAS
Report faults British government for 'dismal understanding' of Wagner threat

China tells Myanmar junta to 'root out' online scam groups

US sanctions Chinese, Mexican entities over drug equipment

Malaysia searches Chinese ship suspected of looting WWII wrecks

OIL AND GAS
Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.