Ian Anderson said he hopes Ottawa will move quickly to sell part of the project to Indigenous owners
Mr. Anderson defended the project’s economic case, despite cost overruns that have pushed the latest cost estimate, as of March, 2023, to $30.9-billion.
Even before the latest overrun was disclosed, independent analyses, including a 2022 report from the Parliamentary Budget Officer, had shown Ottawa would lose money on the project. “Once the expansion is complete, it’s got contracts for 80 per cent of the volume for 20 years. So it’s got solid backing. It’s got a global market to reach into. It’s going to be a valuable asset and buyers and sellers will determine that value.”
The International Energy Agency in August said world oil demand is hitting record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity. That momentum is expected to slow in 2024 owing to lacklustre economic conditions, tighter efficiency standards and new electric vehicles reducing demand, the agency said.
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