Bloomberg reported that Mark Carney, a prominent Canadian economic figure, has directed Trans Mountain, the state-owned pipeline operator, to explore the construction of a new pipeline to transport crude oil produced in Alberta to the Pacific coast in Vancouver.

According to the Alberta provincial government, the proposed pipeline would have a capacity of 1 million barrels per day and would connect to a port capable of loading Very Large Crude Carriers (VLCCs).

The Alberta government stated that the project aims to meet rising demand in Asian markets, including Japan, South Korea, China, and India.

The new pipeline is planned to be built along the route of the existing Trans Mountain Expansion (TMX) line.

The TMX line is currently the only pipeline connecting Canada to the coast, and its commencement of operations in 2024 has significantly increased Canada's crude oil exports to Asia.

At an event attended by Alberta Premier Danielle Smith, Carney stated that the federal government and the province of Alberta would be equal partners in this project.

The Alberta government estimated that if the investment is finalized within the next three years, construction costs could reach between 35.2 billion and 43.7 billion Canadian dollars (approximately 38 trillion to 48 trillion Korean won).

The province also projected that the project has the potential to boost Canada's gross domestic product (GDP) by more than 0.6% by the 2040s.

The project has currently been submitted to the federal Major Projects Management Office for review.

Kendall Dilling, president of the Pathways Alliance, which represents the five largest companies producing crude oil from Alberta's oil sands, said that the target date for the pipeline to begin operations has been set for 2032, with construction expected to begin in the late 2020s.

Mark Maki, CEO of Trans Mountain, said in an interview with Bloomberg that a process to secure commitments from crude oil producers is necessary before a final investment decision can be made, and he expects this process to take place next year.
 
(Photo: AP, Yonhap News)