Ottawa reviewing its approach to selling Trans Mountain pipeline

Ottawa reviewing its approach to selling Trans Mountain pipeline MARIEKE WALSH SENIOR POLITICAL REPORTER EMMA GRANEY ENERGY REPORTER JEFFREY JONES ESG AND SUSTAINABLE FINANCE REPORTER OTTAWA, CALGARY PUBLISHED 1 HOUR AGO Open this photo in gallery: Workers lay pipe during construction of the Trans Mountain pipeline expansion, in Abbotsford, B.C., in May, 2023. DARRYL DYCK/THE CANADIAN PRESS COMMENTS SHARE SAVE FOR LATER Listen to this article Learn more about audio Log in or create a free account to listen to this article. Ottawa is reviewing its approach to selling the publicly owned Trans Mountain pipeline, the federal government said Tuesday while declining to provide more details on the plans. The government plans to “modernize our approach to public assets,” including the federally owned pipeline, Finance Minister François-Philippe Champagne said at a news conference on Parliament Hill. He declined to say whether his government still plans to sell the pipeline or if, given its sizable revenues, Ottawa now wants to keep it. His office later clarified that in the long-run the plan is still to sell it. “The government has no intention of remaining the long-term owner of this project,” Mr. Champagne’s spokesperson John Fragos said. “The government will explore options – in keeping with its plan to modernize its approach to public infrastructure – as they relate to TMX.” Mr. Fragos would not provide more specifics, but said what modernizing looks like will vary from project to project. Price surge for Alberta crude from Trans Mountain expansion highlights need for new pipelines, think tank says In his news conference, the Finance Minister pointed to what the federal government plans to do with airports as an example of its new approach to public assets. However, he did not explicitly say whether the airports plan will also apply to Trans Mountain. Details are scant, but the airports model being proposed by the Prime Minister appears similar to that in Australia, where the government maintains ownership of major airports and signs long-term leases with private-sector investors. Energy Minister Tim Hodgson previously told Bloomberg News that the government won’t sell the Trans Mountain pipeline until work is completed to maximize its capacity. That’s expected to wrap in 2028. The pipeline is the only system shipping crude oil to the West Coast. It cost the government $34-billion to expand and since oil started flowing in 2024 it has already…