AIMCo expresses interest in purchasing stake in Trans Mountain pipeline

By Staff The Canadian Press

Posted January 26, 2024 12:18 pm

Updated January 26, 2024 12:19 pm

1 min read

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Click to play video: 'Trans Mountain approved for more loan guarantees as costs soar' — WATCH ABOVE: (Jan. 12, 2024) The Trans Mountain pipeline expansion project in Western Canada, purchased by the federal Liberals in 2018 for $4.7 billion, is now going to cost at least $35 billion to complete. Global News has learned that Trans Mountain secured another government-backed commercial loan guarantee worth $2 billion, and quietly wrote off $1 billion from its balance sheet as project costs soar. Kamyar Razavi reports – Jan 12, 2024

The Alberta Investment Management Corporation (AIMCo) has expressed an interest in purchasing a potential stake in the Trans Mountain pipeline.

AIMCo CEO Evan Siddall said Thursday in an interview with BNN Bloomberg that the Trans Mountain pipeline is the type of Canadian infrastructure asset that the investment manager would consider if it is made available.

Alberta Investment Management Corp. CEO Evan Siddall in Calgary, Alta., Wednesday, Sept. 21, 2022. THE CANADIAN PRESS/Jeff McIntosh

AIMCo spokeswoman Carolyn Quick later confirmed the remarks in an email to The Canadian Press.

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The Trans Mountain pipeline is Canada’s only oil export pipeline to the West Coast, and construction on its ongoing expansion project is expected to be complete in the near future.

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The federal government purchased the pipeline in 2018 in order to ensure the completion of the expansion, but has indicated it does not wish to be the long-term owner of the pipeline.