![]() By contrast, the Coastal GasLink pipeline, which is also currently under construction, has option agreements in place with 16 Indigenous communities for a 10 per cent equity stake. board of directors.Īn equity stake that large in a major piece of energy infrastructure in this country would be precedent-setting for Indigenous communities. Project Reconciliation is pursuing a “minimum of a 30 per cent equity stake” in Trans Mountain, Mason said, which would mean not just economic benefits for Indigenous communities but Indigenous governance leadership through the Trans Mountain Corp. It doesn’t matter (who the buyer is), they will only pay what the commercial value is and what the tolls will support,“ he said. Mason did not say what his group is prepared to bid for a stake in the pipeline, but he said the ultimate selling price will only be what a buyer is willing to pay and will therefore reflect the anticipated return on investment. (Tolls are the rates oil companies pay to shift product on a pipeline, and they are how the pipeline company makes money).Ī report from the Parliamentary Budget Officer last June found the federal government stands to lose money from its investment in the pipeline, and suggested that if the project were cancelled at that time, the government would need to write off more than $14 billion in assets. The federal government has indicated it does not wish to be the long-term owner of the pipeline, and has said it is open to the idea of Indigenous ownership.īut due to existing contractual agreements with oil shippers, only 20 per cent to 25 per cent of the rising capital costs of the project can be passed on to oil companies in the form of increased tolls. announced its estimated price tag for the project has increased once again, this time to $30.9 billion - a 44 per cent increase from the $21.4 billion cost projection placed on the pipeline expansion project a year ago, and more than double an earlier estimate of $12.6 billion. However, capital costs of the project have been steadily spiralling. threatened to scrap the pipeline’s planned expansion project in the face of environmentalist opposition.Ĭonstruction on the expansion is still ongoing, and is expected to be completed later this year. The Trans Mountain pipeline - Canada’s only pipeline system transporting oil from Alberta to the West Coast - was bought by the federal government for $4.5 billion in 2018 after previous owner Kinder Morgan Canada Inc. “Yes, there are a couple of other proponents out there, but I think the federal government has recognized our readiness.” We are entering into the early stages of negotiations,” said Stephen Mason, managing director of Project Reconciliation, a Calgary-based group that is working to facilitate the purchase of a major equity stake in the pipeline for the 129 First Nations along the route. “We are not going away, just because it’s $30.9 billion. This is the first time since 2020 that an individual has been named Irish Person of the Year.CALGARY - An Indigenous-led initiative is still pursuing ownership of the Trans Mountain pipeline, in spite of the project’s ballooning price tag. McGowan is also a supporter of Theatre Aquarius, the Art Gallery of Hamilton, Hamilton Food Share and many other local charities and is an active member of the Tamahaac Club.Ī supporter of the Rotary Club of Hamilton AM for many years, McGowan was honoured in 2012 with a Paul Harris Fellowship for his community involvement, volunteerism and philanthropy and is a recipient of the Order of St. He is a member of the Diocese of Hamilton and a volunteer at the Wesley Centre (where he serves meals) and Good Shepherd Centres. McGowan is a longtime supporter of local sports teams and charities. Thomas More graduate whose family came to Canada from Ireland in the late 1870s. “When I heard I won the award, I was thrilled and humbled,” said the Ancaster resident and St. in Stoney Creek is Hamilton’s 2023 Irish Person of the Year as selected by the local Wearing of the Green committee. Rob McGowan (senior) is very modest about his latest honour.
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