MNI: Canada Fast-Tracks Alberta Oil Pipeline For Asia Markets

Canadian Prime Minister Mark Carney on Thursday fast-tracked a pipeline linking Alberta's heavy crude oil to buyers in Asia, designating it a project of national interest over the objections of British Columbia in a bid to reduce reliance on the U.S.

Private investors will need to come forward to build the project, agree to combine a pipeline with the Pathways carbon capture facility and offer major economic benefits to indigenous communities, says a memorandum of understanding with Alberta Premier Danielle Smith. Proposals are due by July 1 and final approval will come within two years, meeting Carney's goal of cutting down wait
times that have stretched for more than a decade.

"It is time to transform our economy from one that is reliant on a single trade partner to one that is stronger, more independent, and resilient to global shocks," Carney said from Calgary. 

At least 1 million barrels a day should run through any approved project. Canada agreed to halt implementation of an oil and gas emissions cap and to adjust a ban on west coast tanker traffic if a project goes ahead. The deal also outlines intentions to develop electricity to power AI centers and nuclear energy projects. 

Premier Smith told MNI earlier this year a pipeline could boost Canada's GDP by CAD20 billion a year and if the federal government cleared the way a private investor will emerge. (See: MNI INTERVIEW: Alberta Says BC Pipeline Must Be Fast-Tracked)