It is now expected to start shipping oil in the first quarter of 2024.
Trans Mountain Corp said it is in the process of securing external financing to fund the remaining cost of the project, which is now expected to start shipping oil in the first quarter of 2024.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Last February TMC increased the cost estimate to C$21.4 billion, up from C$12.6 billion in 2020 and C$7.4 billion in 2017. Following last year’s jump, the Canadian government said it would halt any further public funding for the project. TMC blamed the increase on a number of factors including high global inflation and supply chain issues, floods in British Columbia, unexpected major archaeological discoveries and challenging terrain.
The corporation also said the current cost estimate does not include reserves for “extraordinary risks” and could change again. “As with all projects of this size, risks to the final costs and schedule will remain as work is completed through 2023,” TMC said in a statement.
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