The Canadian federal government and the oil-producing Canadian province of Alberta signed on Thursday a Memorandum of Understanding (MOU), paving the way for the construction of an oil pipeline aimed at increasing export access to Asian markets.
According to the MOU, the federal and provincial governments will advance the development of a private-sector pipeline capable of transporting at least 1 million barrels per day of low-emission bitumen.
Under the terms of the deal, the federal government confirmed that it will enable the export of bitumen from a strategic deep-water port to Asian markets.
"In the face of global trade shifts and profound uncertainty, Canada and Alberta are striking a new partnership to build a stronger, more sustainable, and more independent Albertan and Canadian economy," said Canadian Prime Minister Mark Carney. "We will make Canada an energy superpower, drive down our emissions and diversify our export markets."
Designated as a project of national interest, the pipeline's application is expected to be submitted to the Major Projects Office on or before July 1, 2026, with a maximum 2-year timeframe for approvals, said the MOU.
Editor:Leo
