2023/10/29 14:00 EBSCOhost

Record: 1

Canada Bolsters Debt Guarantees to Oil Pipeline Trans Mountain.

By: Duarte, Esteban. Bloomberg.com. 8/6/2023, pN.PAG-N.PAG. 1p.
Abstract: Canada previously provided two additional guarantees for
as much as C$3 billion earlier this year, the EDC website shows.
(Bloomberg) -- Trans Mountain Corp. received a new financing
guarantee from Canada's federal government as concerns grew of
mounting cost overruns in its pipeline expansion that's expected to
offer an alternative to export oil to Asia. [Extracted from the article]
(AN: 169793328)
Database: Business Source Complete
Canada Bolsters Debt Guarantees to Oil Pipeline Trans Mountain
(Bloomberg) -- Trans Mountain Corp. received a new financing guarantee from Canada's federal
government as concerns grew of mounting cost overruns in its pipeline expansion that's expected to offer
an alternative to export oil to Asia.

The company, which was acquired by the government in 2018, got a lending guarantee of between C$2.75
billion ($2.06 billion) and C$3 billion, Export Development Canada said on its website. Canada previously
provided two additional guarantees for as much as C$3 billion earlier this year, the EDC website shows.

While the transaction was signed July 20, EDC released the information on its website Friday, according to
Reuters, which earlier reported the transaction.

Trans Mountain was touted as a way to broaden buyers of Canadian oil and break energy dependence on
the US when Prime Minister Justin Trudeau's government bought the system from Kinder Morgan Inc. five
years ago for C$4.5 billion.

Since then, repeated delays and construction setbacks have seen project costs more than quadruple to
C$30.9 billion, challenging the economics of the pipeline and undercutting Canada's push to diversify oil
exports.

Read more: Trudeau's Pipeline Marred as Overruns Drive Up Export Costs

©2023 Bloomberg L.P.

~~~~~~~~
By Esteban Duarte

Reported by Author

Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or
emailed to multiple sites or posted to a listserv without the copyright holder's express written permission.
However, users may print, download, or email articles for individual use.

https://web-p-ebscohost-com.arktos.nyit.edu/ehost/delivery?sid=0e3c1b62-5235-42b1-9649-14c17f79f687%40redis&vid=1&ReturnUrl=https%3a… 1/1