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Canada Says Pipelines Must Have Access to C$1 Billion for Spills

June 26 (Bloomberg) -- The Canadian government will require pipeline operators to have access to C$1 billion ($954 million) to ensure they can fund the cleanup of spills.

Companies that operate “major” pipelines will have to demonstrate they have access to the funds, Natural Resources Minister Joe Oliver said today in an e-mailed statement. Operators can demonstrate their financial capacity by holding assets such as bonds and lines of credit, or purchasing insurance.

The government will introduce legislation to bring the changes into effect, according to a news release, which didn’t say when.

To contact the reporters on this story: Andrew Mayeda in Ottawa at amayeda@bloomberg.net; Christopher Donville in Vancouver at cjdonville@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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