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7:30 a.m.
Trans Mountain pipeline faces extra delays after regulator denies variance
Trans Mountain Corp suffered one other blow when Canada’s vitality regulator denied a request for a variance on a bit of the pipeline in B.C., a improvement that the corporate stated may delay building of the continued enlargement undertaking and push again the pipeline’s begin date.
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Trans Mountain had utilized for the variance after working into what it stated had been building challenges associated to laborious rock between Chilliwack and Hope, B.C. The denial may imply the corporate is unable to finish the undertaking in time for an anticipated first-quarter 2024 begin date.
The event is just the most recent in a string of construction-related hurdles which have plagued the Trans Mountain enlargement undertaking.
The pipeline is Canada’s solely oil pipeline to the west coast. Its enlargement will increase the its capability to 890,000 barrels per day from 300,000 bpd at the moment and enhance entry to export markets for Canadian oil firms.
However the undertaking’s prices have spiralled by means of the course of building from an unique estimate of $5.4 billion to the latest estimate of $30.9 billion.
The Canadian Press
Inventory markets earlier than the opening bell
Shares are ticking greater this morning as hopes that central bankers are prepared for a worldwide pivot to fee cuts collect steam once more.
This newest rally was fuelled by weaker job-market knowledge in the USA and feedback from European central bankers that inflation was displaying a “remarkable” slowdown.
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What to observe right this moment
- The massive occasion right this moment is the Bank of Canada’s last decision on rates of interest for the yr. Governor Tiff Macklem and his group was broadly anticipated to maintain the benchmark overnight rate unchanged at 5 per cent after they announce the choice at 10 a.m., the third consecutive pause. However the assertion could possibly be key as Financial institution makes an attempt to stability a weakening financial system with the necessity to hold inflation in examine.
- Canada will get commerce knowledge right this moment, which is anticipated to mirror the drop in oil costs and a pullback in exports of steel and mineral merchandise.
- Additionally to observe, Pure Sources Minister Jonathan Wilkinson and Newfoundland and Labrador Premier Andrew Furey will make an announcement concerning offshore wind energy in Newfoundland and Labrador.
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Further reporting by The Canadian Press, Related Press and Bloomberg
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