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Trudeau’s Oil Pipeline Gets Government-Backed $7.7 Billion Loan

  • Financing update issued after agency discloses transactions
  • Minister said in February no new money would flow to project
The Trans Mountain pipeline runs from Alberta to the British Columbia coast, in the Vancouver suburb of Burnaby.
The Trans Mountain pipeline runs from Alberta to the British Columbia coast, in the Vancouver suburb of Burnaby.Photographer: Ben Nelms/Bloomberg

The Trans Mountain pipeline expansion project has secured up to C$10 billion ($7.7 billion) in private-sector financing, but it comes with a loan guarantee provided by the Canadian government.

The financing was announced after multiple news organizations, including Bloomberg News, inquired about public disclosures appearing to show the government committing billions of dollars to the pipeline project despite Finance Minister Chrystia Freeland’s edict two months ago that no more public money be spent on it.