RE:RE:RE:Tmx pipeline No explanation by CER for the reasons it denied the application. And no explanation by TMX why the initial warning of a 2 months delay was changed into a possible 2 years delay.
"Trans Mountain Corp., the Crown corporation that is building the pipeline expansion, had applied for the variance after running into what it said were construction challenges related to hard rock between Chilliwack and Hope, B.C.
The company had requested permission to use a different diameter, wall thickness and coating for a 2,300-metre section of pipeline than it had originally been approved for.
At a recent oral hearing in Calgary, Trans Mountain Corp. said that being denied the variance could add an additional 55 to 60 days to the project’s construction schedule."
Both entities are owned/controlled by the government but there is official reporting, except for articles in the media, for instance Reuters recently reporting a 2 years delay without any details and explanation.
A complete mess and made in Canada circus.
In the meantime, the current WCS price differentials are roughly -$20 instead of a normal average of about -$12. For a company like TVE the additional takeaway capacity would result in a gain of $8 for each barrel sold, much higher excess cash and higher returns to its shareholders. Unfortunately, there is no clarity on the completion date and there is very little trust in the federal government.