Latest news with #GovernmentofCanada
National Observer
18 hours ago
- Business
- National Observer
Trans Mountain CEO offers to take on more pipelines
The CEO of Crown-owned pipeline operator Trans Mountain Corp. says it could take on other market-expanding pipeline projects if necessary, but that it would be preferable for the private sector to take the lead. Trade tumult in recent months with the United States — Canada's biggest customer for its crude oil — has intensified calls for Canada to build infrastructure that would allow its resources to flow to other global buyers. When the expanded Trans Mountain pipeline began shipping Alberta crude to the B.C. Lower Mainland just over a year ago, oilsands producers were finally able to meaningfully access lucrative Asian markets. Trans Mountain CEO Mark Maki said in an interview Friday there's an appetite for more pipeline egress to the Pacific coast and elsewhere. "The U.S. is a great customer. It will always be a great customer, but diversification of markets for the country is important," he said. He said Trans Mountain's owner — the Government of Canada — would prefer the private sector lead the way. "If that can't happen, and it's in the national interest, Trans Mountain is here," Maki said. His remarks came after Trans Mountain reported its operational and financial results for the first three months of 2025. Since oil started flowing through the expansion in May of last year, 266 crude vessels have been loaded, and third-party information suggests the destinations have been split between the U.S. West Coast and Asia. The expanded pipeline shipped an average of about 757,000 barrels per day during the quarter — below its capacity of 890,000 barrels per day. Maki said if the pipeline were running full, western Canadian heavy crude would see a steeper price discount against the easier-to-refine light crude sold on the global market. That would eat into the margins of Alberta producers. "You really don't want us 100 per cent full … What's important really is to keep a little bit of slack in the system," he said. As of now, the supply of crude hasn't caught up with takeaway capacity. "But when that happens, the crude differential blows out. And so having a little bit of wiggle room is important." Trans Mountain said there are economical ways to boost the pipeline's capacity if needed, such as adding chemical agents to reduce friction, which would enable more crude to flow through the line. Other options could include adding pumping horsepower or pipe segments. Those projects could together add up to 300,000 barrels per day of capacity. Trans Mountain said quarterly net income was $148 million, down from $158 million a year earlier. Its earnings before interest, taxes, depreciation and amortization — a measure it says reflects the performance of its underlying business — were $568 million, compared to the $36 million it brought in a year earlier, before the pipeline expansion had started up. During the quarter, $311 million was paid to its parent Canada TMP Finance Ltd., which is itself owned by the Canada Development Investment Corp. That consisted of $148 million in interest payments and $163 million in cash dividends. The original Trans Mountain pipeline has been operating since the 1950s. In 2013, U.S. energy company Kinder Morgan filed a proposal to expand it at a cost of $5.4 billion, touching off a contentious regulatory review process marked by protests and legal challenges. Kinder Morgan suspended work in 2018 and shortly thereafter sold the pipeline to the federal government for $4.5 billion. By the time the expansion project was completed, its cost had ballooned to $34 billion. Maki said there's no hurry to bring Trans Mountain back into private hands. He said the expanded pipeline should get a little more operating history under its belt so a potential buyer can ascribe the proper value to it. A dispute over the tolls customers pay to use the line, currently before the Canada Energy Regulator, also needs to be sorted out, he said. There is also interest in potential Indigenous equity ownership in the line — when the time is right. Trans Mountain is in a "transitional" year where it is starting to pay dividends and is continuing some of the cleanup work from the pipeline construction. Next year will be a "much more normal" one, Maki said. "And so really probably at that point and out would make sense to start thinking about that."
Global News
19 hours ago
- Business
- Global News
CEO says Trans Mountain could take on more pipeline projects if private sector can't
The CEO of Crown-owned pipeline operator Trans Mountain Corp. says it could take on other market-expanding pipeline projects if necessary, but that it would be preferable for the private sector to take the lead. Trade tumult in recent months with the United States — Canada's biggest customer for its crude oil — has intensified calls for Canada to build infrastructure that would allow its resources to flow to other global buyers. Story continues below advertisement When the expanded Trans Mountain pipeline began shipping Alberta crude to the B.C. Lower Mainland just over a year ago, oilsands producers were finally able to meaningfully access lucrative Asian markets. Trans Mountain CEO Mark Maki said in an interview Friday there's an appetite for more pipeline egress to the Pacific coast and elsewhere. 'The U.S. is a great customer. It will always be a great customer, but diversification of markets for the country is important,' he said. He said Trans Mountain's owner — the Government of Canada — would prefer the private sector lead the way. 'If that can't happen, and it's in the national interest, Trans Mountain is here,' Maki said. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy His remarks came after Trans Mountain reported its operational and financial results for the first three months of 2025. Story continues below advertisement Since oil started flowing through the expansion in May of last year, 266 crude vessels have been loaded, and third-party information suggests the destinations have been split between the U.S. West Coast and Asia. The expanded pipeline shipped an average of about 757,000 barrels per day during the quarter — below its capacity of 890,000 barrels per day. Maki said if the pipeline were running full, western Canadian heavy crude would see a steeper price discount against the easier-to-refine light crude sold on the global market. That would eat into the margins of Alberta producers. 'You really don't want us 100 per cent full … What's important really is to keep a little bit of slack in the system,' he said. As of now, the supply of crude hasn't caught up with takeaway capacity. Story continues below advertisement 'But when that happens, the crude differential blows out. And so having a little bit of wiggle room is important.' Trans Mountain said there are economical ways to boost the pipeline's capacity if needed, such as adding chemical agents to reduce friction, which would enable more crude to flow through the line. Other options could include adding pumping horsepower or pipe segments. Those projects could together add up to 300,000 barrels per day of capacity. Trans Mountain said quarterly net income was $148 million, down from $158 million a year earlier. Its earnings before interest, taxes, depreciation and amortization — a measure it says reflects the performance of its underlying business — were $568 million, compared to the $36 million it brought in a year earlier, before the pipeline expansion had started up. During the quarter, $311 million was paid to its parent Canada TMP Finance Ltd., which is itself owned by the Canada Development Investment Corp. That consisted of $148 million in interest payments and $163 million in cash dividends. The original Trans Mountain pipeline has been operating since the 1950s. In 2013, U.S. energy company Kinder Morgan filed a proposal to expand it at a cost of $5.4 billion, touching off a contentious regulatory review process marked by protests and legal challenges. Story continues below advertisement Kinder Morgan suspended work in 2018 and shortly thereafter sold the pipeline to the federal government for $4.5 billion. By the time the expansion project was completed, its cost had ballooned to $34 billion. Maki said there's no hurry to bring Trans Mountain back into private hands. He said the expanded pipeline should get a little more operating history under its belt so a potential buyer can ascribe the proper value to it. A dispute over the tolls customers pay to use the line, currently before the Canada Energy Regulator, also needs to be sorted out, he said. There is also interest in potential Indigenous equity ownership in the line — when the time is right. 2:40 First Nations leaders question benefits of stakes ownership in Trans Mountain pipeline Trans Mountain is in a 'transitional' year where it is starting to pay dividends and is continuing some of the cleanup work from the pipeline construction. Story continues below advertisement Next year will be a 'much more normal' one, Maki said. 'And so really probably at that point and out would make sense to start thinking about that.'
Winnipeg Free Press
19 hours ago
- Business
- Winnipeg Free Press
Trans Mountain could take on more pipeline projects if private sector can't: CEO
CALGARY – The CEO of Crown-owned pipeline operator Trans Mountain Corp. says it could take on other market-expanding pipeline projects if necessary, but that it would be preferable for the private sector to take the lead. Trade tumult in recent months with the United States — Canada's biggest customer for its crude oil — has intensified calls for Canada to build infrastructure that would allow its resources to flow to other global buyers. When the expanded Trans Mountain pipeline began shipping Alberta crude to the B.C. Lower Mainland just over a year ago, oilsands producers were finally able to meaningfully access lucrative Asian markets. Trans Mountain CEO Mark Maki said in an interview Friday there's an appetite for more pipeline egress to the Pacific coast and elsewhere. 'The U.S. is a great customer. It will always be a great customer, but diversification of markets for the country is important,' he said. He said Trans Mountain's owner — the Government of Canada — would prefer the private sector lead the way. 'If that can't happen, and it's in the national interest, Trans Mountain is here,' Maki said. His remarks came after Trans Mountain reported its operational and financial results for the first three months of 2025. Since oil started flowing through the expansion in May of last year, 266 crude vessels have been loaded, and third-party information suggests the destinations have been split between the U.S. West Coast and Asia. The expanded pipeline shipped an average of about 757,000 barrels per day during the quarter — below its capacity of 890,000 barrels per day. Maki said if the pipeline were running full, western Canadian heavy crude would see a steeper price discount against the easier-to-refine light crude sold on the global market. That would eat into the margins of Alberta producers. 'You really don't want us 100 per cent full … What's important really is to keep a little bit of slack in the system,' he said. As of now, the supply of crude hasn't caught up with takeaway capacity. 'But when that happens, the crude differential blows out. And so having a little bit of wiggle room is important.' Trans Mountain said there are economical ways to boost the pipeline's capacity if needed, such as adding chemical agents to reduce friction, which would enable more crude to flow through the line. Other options could include adding pumping horsepower or pipe segments. Those projects could together add up to 300,000 barrels per day of capacity. Trans Mountain said quarterly net income was $148 million, down from $158 million a year earlier. Its earnings before interest, taxes, depreciation and amortization — a measure it says reflects the performance of its underlying business — were $568 million, compared to the $36 million it brought in a year earlier, before the pipeline expansion had started up. During the quarter, $311 million was paid to its parent Canada TMP Finance Ltd., which is itself owned by the Canada Development Investment Corp. That consisted of $148 million in interest payments and $163 million in cash dividends. The original Trans Mountain pipeline has been operating since the 1950s. In 2013, U.S. energy company Kinder Morgan filed a proposal to expand it at a cost of $5.4 billion, touching off a contentious regulatory review process marked by protests and legal challenges. Kinder Morgan suspended work in 2018 and shortly thereafter sold the pipeline to the federal government for $4.5 billion. By the time the expansion project was completed, its cost had ballooned to $34 billion. Maki said there's no hurry to bring Trans Mountain back into private hands. He said the expanded pipeline should get a little more operating history under its belt so a potential buyer can ascribe the proper value to it. A dispute over the tolls customers pay to use the line, currently before the Canada Energy Regulator, also needs to be sorted out, he said. Monday Mornings The latest local business news and a lookahead to the coming week. There is also interest in potential Indigenous equity ownership in the line — when the time is right. Trans Mountain is in a 'transitional' year where it is starting to pay dividends and is continuing some of the cleanup work from the pipeline construction. Next year will be a 'much more normal' one, Maki said. 'And so really probably at that point and out would make sense to start thinking about that.' This report by The Canadian Press was first published May 30, 2025.
Cision Canada
21 hours ago
- Business
- Cision Canada
Minister Hajdu invites organizations to apply for funding to improve accessibility and inclusion through youth leadership
GATINEAU, QC, May 30, 2025 /CNW/ - The Government of Canada is committed to creating more opportunities for persons with disabilities to take part in community activities, programs, and services. Today, as part of National AccessAbility Week 2025, Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, launched a call for proposals under the youth innovation component of the Enabling Accessibility Fund (EAF). The EAF supports construction, renovation and retrofitting community and workplace-based projects across Canada. Over 8,100 projects have been funded under the EAF since its launch in 2007. The youth innovation component supports youth in bringing their vision for a more inclusive Canada to life, while developing leadership skills, gaining valuable experience, and fostering culture change. Youth between the ages of 15 and 30 are encouraged to apply to become a youth accessibility leader and partner with local organizations to secure up to $12,000 in funding. Eligible youth must submit their application online by 3:00 p.m. ET on October 6, 2025. Organizations partnering with a confirmed youth accessibility leader must then submit their application for project funding by 3:00 p.m. ET on November 3, 2025. Together, youth accessibility leaders and organizations alike are supporting the Government's objective of building a barrier-free Canada in the spirit of "Nothing Without Us." Quotes "By helping organizations make accessible infrastructure improvements, the Enabling Accessibility Fund supports persons with disabilities to access programs and services, overcome barriers to employment, and find good paying jobs. The program has already improved accessibility in thousands of community spaces and workplaces across the country, and today we are inviting more youth leaders and organizations to apply for funding – and the fairness it will bring." – The Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario Quick Facts The 2022 Canada Survey on Disability found that 27 per cent of Canadians aged 15 and over—or about 8 million persons—report as having at least one disability. The EAF program supports the Government of Canada's Disability Inclusion Action Plan (DIAP), which is focused on: reducing poverty among persons with disabilities; helping persons with disabilities obtain and keep good quality jobs; facilitating easier access to federal programs and services; and building accessible and inclusive communities while fostering a culture of inclusion. Under this new call for proposals, $1 million will be allocated to support approximately 83 youth-driven accessibility projects. National AccessAbility Week (NAAW) 2025 is taking place from May 25 to 31, and this year the theme is "Breaking barriers together: Paving the way for an inclusive future". Enabling Accessibility Fund youth innovation component call for proposals Minister Hajdu's statement launching NAAW 2025 Canada's Disability Inclusion Action Plan National AccessAbility Week 2025 ) SOURCE Employment and Social Development Canada
Yahoo
21 hours ago
- General
- Yahoo
Minister Hajdu invites organizations to apply for funding to improve accessibility and inclusion through youth leadership
GATINEAU, QC, May 30, 2025 /CNW/ - The Government of Canada is committed to creating more opportunities for persons with disabilities to take part in community activities, programs, and services. Today, as part of National AccessAbility Week 2025, Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, launched a call for proposals under the youth innovation component of the Enabling Accessibility Fund (EAF). The EAF supports construction, renovation and retrofitting community and workplace-based projects across Canada. Over 8,100 projects have been funded under the EAF since its launch in 2007. The youth innovation component supports youth in bringing their vision for a more inclusive Canada to life, while developing leadership skills, gaining valuable experience, and fostering culture change. Youth between the ages of 15 and 30 are encouraged to apply to become a youth accessibility leader and partner with local organizations to secure up to $12,000 in funding. Eligible youth must submit their application online by 3:00 p.m. ET on October 6, 2025. Organizations partnering with a confirmed youth accessibility leader must then submit their application for project funding by 3:00 p.m. ET on November 3, 2025. Together, youth accessibility leaders and organizations alike are supporting the Government's objective of building a barrier-free Canada in the spirit of "Nothing Without Us." Quotes "By helping organizations make accessible infrastructure improvements, the Enabling Accessibility Fund supports persons with disabilities to access programs and services, overcome barriers to employment, and find good paying jobs. The program has already improved accessibility in thousands of community spaces and workplaces across the country, and today we are inviting more youth leaders and organizations to apply for funding – and the fairness it will bring."– The Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario Quick Facts The 2022 Canada Survey on Disability found that 27 per cent of Canadians aged 15 and over—or about 8 million persons—report as having at least one disability. The EAF program supports the Government of Canada's Disability Inclusion Action Plan (DIAP), which is focused on: reducing poverty among persons with disabilities; helping persons with disabilities obtain and keep good quality jobs; facilitating easier access to federal programs and services; and building accessible and inclusive communities while fostering a culture of inclusion. Under this new call for proposals, $1 million will be allocated to support approximately 83 youth-driven accessibility projects. National AccessAbility Week (NAAW) 2025 is taking place from May 25 to 31, and this year the theme is "Breaking barriers together: Paving the way for an inclusive future". Associated Links Enabling Accessibility Fund youth innovation component call for proposals Minister Hajdu's statement launching NAAW 2025 Canada's Disability Inclusion Action Plan National AccessAbility Week 2025 Follow us on X (Twitter) SOURCE Employment and Social Development Canada View original content:
