An Indigenous-led initiative is still pursuing ownership of the Trans Mountain pipeline, in spite of the project's ballooning price tag.
"We are not going away, just because it's $30.9 billion. We are entering into the early stages of negotiations," said Stephen Mason, managing director of Project Reconciliation, a Calgary-based group that is working to facilitate the purchase of a major equity stake in the pipeline for the 129 First Nations along the route.
The Trans Mountain pipeline — Canada's only pipeline system transporting oil from Alberta to the West Coast — was bought by the federal government for $4.5 billion in 2018 after previous owner Kinder Morgan Canada Inc. threatened to scrap the pipeline's planned expansion project in the face of environmentalist opposition.However, capital costs of the project have been steadily spiralling. Last week, Trans Mountain Corp.
But due to existing contractual agreements with oil shippers, only 20 to 25 per cent of the rising capital costs of the project can be passed on to oil companies in the form of increased tolls. .
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