Who is building the new oil pipeline to Asia, and what is its stated purpose?

Trans Mountain Corp., a state-owned pipeline operator, has been tapped by Prime Minister Mark Carney to build a new 1 million-barrel-a-day pipeline from Alberta’s oil sands to a Vancouver-area deepwater port capable of handling Very Large Crude Carriers (VLCCs), with the explicit goal of 'meeting significant Asian demand from countries like Japan, Korea, China and India.'

What are the key financial, ownership, and environmental conditions tied to the pipeline project?

The project is estimated to cost between C$35.2 billion and C$43.7 billion; Canada and Alberta will be equal partners, with a 'meaningful ownership stake for Indigenous communities'; Calgary-based Pembina Pipeline Corp. has secured an initial 10% stake (up to 20% when operational) under a non-binding agreement; and federal support is conditional on oil sands companies proceeding with the Pathways carbon capture system, which they agreed to begin constructing later this decade and start operating by 2032.

Canada’s Carney Taps State-Owned Firm to Build Oil Pipeline to Serve Asia

Jul 2, 2026

Prime Minister Mark Carney authorized state-owned Trans Mountain Corp to build a 1 million-barrel-a-day oil pipeline targeting Asian exports. The initiative seeks to reduce US reliance through government-backed infrastructure and associated carbon capture measures.

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