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Suncor Energy Inc
Symbol SU
Shares Issued 1,287,254,165
Close 2024-05-07 C$ 53.44
Market Cap C$ 68,790,862,578
Recent Sedar Documents

NP says MEG, rivals hear there's no rush to sell TMX

2024-05-08 08:34 ET - In the News

See In the News (C-MEG) MEG Energy Corp

The National Post reports in its Wednesday, May 8, edition that the Trans Mountain pipeline expansion project received its final "leave to open" approval from the Canada Energy Regulator (CER) on April 30. The Post's Ryan Tumilty writes that the question now is what the Trudeau government does with it, and whether it can recoup the $34-billion it spent, nearly five times as much as the $7.4-billion projection. The Liberal plan was to sell TMX after it was completed, but unnamed insiders say no one is rushing the process. In the meantime, Ottawa will begin collecting tolls on those hundreds of thousands of barrels passing through TMX daily. Currently set at $11.46 per barrel, that should be nearly $4-billion per year, although the CER is still determining what the official toll rate will be. The government has also said it wants indigenous communities to at least be part of any future ownership. Several buyers, including some groups including first nations as well as Alberta's investment fund, have expressed an interest in buying, but industry analysts are pessimistic that the government will ever sell it at a price sufficient to cover the sunk costs it spent to finally get a pipeline to tidewater over the finish line.

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