The regulator told Canada’s National Observer that
the Crown corporation has to maintain “total coverage of $1.1 billion”
to protect the public and the environment from a possible oil spill from
both the current pipeline and its expansion. But others say this is not
what was agreed upon in 2019 and that a total of $2.1 billion is needed
to cover oil spill risks on both pipelines.
The existing Trans
Mountain pipeline carries 300,000 barrels of oil per day from Edmonton
to Burnaby, B.C., and has $1 billion in financial assurances — such as
cash, third-party liability insurance and lines of credit — to deal with
the cost of a potential oil spill. The expansion project will twin the
existing pipeline and raise its capacity to 890,000 barrels per day.
Energy regulator gives Trans Mountain a ‘break’ on possible oil spill costs, say MPs, environmentalists: The regulator told Canada’s National Observer that
the Crown corporation has to maintain “total coverage of $1.1 billion”
to protect the public and the environment from a possible oil spill from
both the current pipeline and its expansion. But others say this is not
what was agreed upon in 2019 and that a total of $2.1 billion is needed
to cover oil spill risks on both pipelines.The existing Trans
Mountain pipeline carries 300,000 barrels of oil per day from Edmonton
to Burnaby, B.C., and has $1 billion in financial assurances — such as
cash, third-party liability insurance and lines of credit — to deal with
the cost of a potential oil spill. The expansion project will twin the
existing pipeline and raise its capacity to 890,000 barrels per day.Read More