adplus-dvertising
Connect with us

News

Finance Canada defends $10 billion loan guarantee for Trans Mountain – CBC News

Published

 on


Finance Canada is defending its $10 billion loan guarantee for Trans Mountain to help the company finish its pipeline expansion after opposition parties and environmental groups called it a fossil fuel subsidy.

This financial support comes after the government said in February that no more public money would be poured into the project.

“This is a common practice which puts in place an insurance policy for the institutions that have invested in the project—it does not reflect any new public spending,” a news release from Finance Canada said. “The Government of Canada has not spent any money to put this guarantee in place.”

Politico first reported the government was providing the loan guarantee.

On Parliament Hill, CBC journalists asked Finance Minister Chrystia Freeland several times about the new federal support for Trans Mountain. The minister didn’t stop to answer questions.

Deputy Prime Minister and Minister of Finance Chrystia Freeland passes reporters as she arrives for a caucus meeting on Parliament Hill in Ottawa on Wednesday, May 11, 2022. (THE CANADIAN PRESS/Justin Tang)

In February, Freeland announced the Trans Mountain pipeline expansion project’s costs had nearly tripled from its initial $7.4 billion price tag — which then-owner Kinder Morgan projected in 2018 — to $21.4 billion.

“I want to assure Canadians that there will be no additional public money invested in (Trans Mountain),” Freeland said at the time.

“(Trans Mountain) will secure the necessary funding to complete the project through third-party financing, either in the public debt markets or with financial institutions.”

Ottawa provided bridge financing to pipeline in December

On Wednesday, Finance Canada confirmed Trans Mountain has “now secured up to $10 billion in third-party financing with a group of Canadian financial institutions.”

The statement didn’t say which institutions are funding the pipeline’s completion, but it does say Trans Mountain will pay a fee to the government for the loan guarantee.

The statement also said Ottawa provided $1.75 billion in “bridge financing” in December to ensure construction remained on schedule. Finance Canada said in its statement that the loan “has been repaid in full with interest.”

Reached for comment, Trans Mountain referred CBC back to the government’s statement.

After news about the loan guarantee broke, opposition parties attacked the federal government for continuing to financially support a Trans Mountain pipeline expansion project that is now over-budget and running late.

“This government has done a terrible job,” said Kyle Seeback, the Conservative environment critic. “They don’t do the hard work of figuring out what these things cost.”

“This is another subsidy to the oil and gas industry when this government says they are planning on moving away,” said Green Party MP Mike Morrice said.

Environmental groups called the loan guarantee a subsidy, citing the World Trade Organization’s definition of the word.

“This is a continuation of our government propping up this project that is no longer financially viable,” said Sven Biggs, Canadian oil and gas program director for Stand.earth.

The Institute for Energy Economics and Financial Analysis, which has done financial analysis of the pipeline, said the TMX project hasn’t attracted private sector investment and must depend on government support to continue.

“Understanding the actual economics of the project, you realize that the only way that this project can be funded is … through debt. And the debt has to be backed by the Canadian government,” said Omar Mawji, an energy finance analyst with the Institute for Energy Economics and Financial Analysis.

The twinning of the 1,150 kilometre-long Trans Mountain pipeline will nearly triple its capacity to an estimated 890,000 barrels a day and crude oil-carrying tanker traffic from the Westridge Marine Terminal could increase from about three vessels a month to one a day. (CBC)

Construction of the Trans Mountain expansion is expected to be completed by June 30, 2023, nine months behind the revised schedule. The pipeline was supposed to be finished by Sept 30, 2022.

The pipeline won’t start shipping oil until the Canadian Energy Regulator gives it final permission to operate. Trans Mountain said the pipeline won’t see its first revenue until Sept. 30, 2023.

As of April, the project was close to 50 per cent complete. When it’s finished, it will increase the pipeline’s output from about 300,000 barrels a day to roughly 890,000.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

News

Montreal skateboarders rally to protect skatepark

Published

 on

Montreal skateboarders rally to protect skatepark

Source link

Continue Reading

News

Ilia Malinin lands 4 quads – and a backflip – to win his third straight Skate America title

Published

 on

World champion Ilia Malinin won Skate America on Sunday for the third consecutive year, altering his free skate on the fly after an early mistake and punctuating the program with a backflip that had been banned in competition until this season.

The two-time and reigning U.S. champion scored 290.12 points to finish ahead of Kevin Aymoz of France, whose career-best free skate left him with 282.88 points and earned a standing ovation inside Credit Union of Texas Event Center in Allen, Texas.

Kao Miura of Japan, who was second after his short program, finished third with 278.67 points.

“It was a pretty challenging moment for me, just stepping on the ice. I felt way more nervous than usual,” said Malinin, the early favorite for gold at the 2026 Winter Olympics in Italy. “That may have played a part in the whole program.”

Vancouver’s Wesley Chiu placed ninth in the free skate with a score of 140.08 points, he finished ninth overall with a total of 206.94 points.

The ice dance competition was to be decided later Sunday in the final event of the season-opening Grand Prix. Lilah Fear and Lewis Gibson of Britain had the lead over American world champs Madison Chock and Evan Bates after the rhythm dance.

Malinin and Miura were separated by a mere 0.15 points after their short programs, but it was Aymoz who challenged Malinin for the top of the podium. The 27-year-old from France, who struggled mightily at the end of last season, landed a pair of quads in an error-free program to score 190.84 points — the best of all the free skates — and vault into first place.

Nika Egadze of Georgia was next on the ice but fell on his opening quad lutz and stepped out on his quad salchow, and those two mistakes kept him from medal contention. He wound up fourth with 261.71 points.

Miura, the 19-year-old former world junior champion, landed three quads during a program set to “The Umbrellas of Cherbourg,” the 1964 musical romantic drama film. But Miura lost points for an under-rotated triple axel and on a step sequence that led into a quad toe loop-triple toe loop combination midway through his free skate.

Malinin was last to take the ice, performing a program set to “I’m Not a Vampire” by the rock band Falling In Reverse.

He opened with a perfect quad flip and then hit a triple axel, even though Malinin remains the only skater to have landed the quad version of the jump in competition. Then came the mistake, when he doubled a planned quad loop, leaving Malinin to make changes on the fly over the second half of the program in an attempt to make up the lost points.

After putting his hand down on his triple lutz, Malinin landed a quad toe loop-triple toe loop combination before a quad salchow-triple axel in sequence — a pair of huge jumping passes that sent his technical score soaring.

Malinin capped the recovery of his program with a backflip during his choreographed sequence, a move that had been banned until this season because of its inherent danger. It was expected all along but nonetheless sent a roar through the crowd, just as Malinin’s program came to an end and a steady stream of stuffed animals were thrown onto the ice.

“It was really hard for me in the middle of the program to think what I have to do — what I need to do,” Malinin said when asked about the early mistake. “I just went full autopilot through there and I’m glad I made it out.”

___

AP sports:

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

Leclerc wins US Grand Prix and late penalty gives Verstappen 3rd place over Norris in title chase

Published

 on

AUSTIN, Texas (AP) — Charles Leclerc earned Ferrari its first United States Grand Prix victory since 2018 with a clever start and a commanding drive Sunday, and Red Bull’s Max Verstappen strengthened his lead in the F1 season championship by finishing third ahead of McLaren’s Lando Norris.

Verstappen earned the podium only after Norris was given a five-second penalty for leaving the track to pass Verstappen in the final laps.

Verstappen immediately complained about the move, while Norris insisted Verstappen also left the track. Norris’ pass came after the two drivers had battled for the final podium spot and critical championship points over several laps and Verstappen had stubbornly refused to give ground.

The penalty and fourth place finish cost Norris valuable points in the title chase. Verstappen stretched his championship lead over Norris from 54 points to 57 with five grand prix and two sprint races left.

Leclerc earned his third win of the season and Ferrari pulled a 1-2 finish with his teammate Carlos Sainz in second. Kimi Raikkonen had been the last Ferrari winner at the Circuit of the Americas in 2018.

But the bigger battle was raging behind them as Verstappen and Norris fought over every inch of the final dozen laps.

Verstappen has not won a grand prix since June and Norris has steadily chipped away at his lead as the Red Bull car has faded. Yet Verstappen still stretched his lead by five points over the weekend by also winning Saturday’s sprint race.

Norris will leave Austin knowing he squandered a big chance to gain ground. He had even earned pole position for Sunday’s race.

Verstappen started right beside him, and it was their battle into the first turn that saw both cars run wide, leaving room for Leclerc to pounce on the opening.

The Ferrari driver jumped from fourth and straight into the lead.

Norris complained Verstappen forced him off the track at the start to begin a battle that would be fought over the entire race.

___

AP auto racing:

The Canadian Press. All rights reserved.



Source link

Continue Reading

Trending