Minister of Finance, Bill Morneau, issued the following statement on updated construction costs and timelines for the Trans Mountain Expansion Project:
"As a government, we believe Canada should get a fair price for its resources. Currently, almost all of our energy exports go to the United States and producers often have to sell at a discounted price. In recent years, Alberta and Saskatchewan have been hit hard by the pressure on oil prices and it's important we make the necessary investments to open up new markets.
"Getting our resources to global markets in a way that is efficient and safe is in Canada's best interest. Construction of this Project is underway and will create thousands of good middle class jobs in Western Canada-in construction, engineering, monitoring and finance. Today, more than 2,900 people have been hired and at peak construction that number will reach 5,500. Indigenous peoples will also benefit through employment, training, compensation and contracting. To date, the Trans Mountain Corporation has signed agreements with 58 Indigenous communities.
"Today, the Trans Mountain Corporation's Board of Directors released an updated construction cost estimate that includes the appropriate contingencies. The board concluded that the Project remains commercially viable. The Project will be completed in late 2022.
"Today's Trans Mountain Expansion Project is very different from the one Kinder Morgan last costed in 2017. Safety and design enhancements have achieved a higher standard for environmental protection. It now supports more union jobs in B.C. and Alberta and is providing training opportunities. This is now a better project, moving forward in the right way.
"Importantly, this Project has undergone comprehensive consultation with Indigenous peoples. Last summer, we engaged with 129 Indigenous communities on what economic participation could mean for them and plans for the second phase of discussions are underway.
"The Trans Mountain Expansion Project will be an important driver in Canada's transition to a cleaner economy. Every dollar the federal government earns-from the annual corporate tax revenue estimated at $500 million as well as any profit from an eventual sale-will be invested in clean energy projects that will power our homes, businesses and communities for generations to come.
"This Project protects Canada's economic interests today and its revenues will fund our transition to the clean economy of tomorrow."
