Latest news with #MarkMaki
Yahoo
12-06-2025
- Business
- Yahoo
Trans Mountain CEO advises Canadian Government against TMX pipeline sale
Trans Mountain CEO Mark Maki has advised against a hasty sale of the newly expanded Trans Mountain Expansion Project (TMX) oil pipeline, suggesting that a delay could lead to a better sale price once the asset has proven its value, reported Reuters. The Canadian Government, which owns the pipeline, has spent C$34bn ($24.9bn) on the expansion and is not looking to be its long-term owner. The expanded Trans Mountain pipeline began operations in May 2024 and can transport up to 890,000 barrels per day (bpd) of crude oil. The pipeline, connecting Alberta's oil to the Westridge Marine Terminal in Burnaby, British Columbia (BC), for overseas shipping, has seen slower uptake due to high tolls covering construction overruns. This has raised concerns about its revenue potential and the government's ability to find a private buyer. Maki stated that the pipeline is operating at around 85% capacity in the second quarter, below the forecasted 96% annual utilisation starting in 2025. Despite the slow start, March saw the pipeline nearly 90% full, and Maki remains optimistic about Asian market demand supporting long-term utilisation. Maki mentioned that Trans Mountain is working on capacity optimisation projects that could increase the pipeline capacity by 200,000–300,000bpd. He believes it is sensible for the government to wait until these improvements are in place before selling. Maki said: "It is ultimately their decision. The one thing we have said consistently to the government is, 'don't hurry.'" A regulatory hearing to resolve the tolling dispute between Canada's Trans Mountain and its oil shipping customers is set for late 2025, which could further clarify the pipeline's financial outlook. "Trans Mountain CEO advises Canadian Government against TMX pipeline sale" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Calgary Herald
12-06-2025
- Business
- Calgary Herald
Trans Mountain eyes pipeline capacity increase by early 2027
Article content (Bloomberg) — The Trans Mountain pipeline could handle an additional 75,000 barrels of crude a day by a early 2027, the government-owned company's top executive said, potentially helping Canadian oil producers expand shipments to non-US markets. Article content Chemicals that make crude flow more easily through the line could be used in less than two years as a first stage of the capacity increase, Trans Mountain CEO Mark Maki told reporters at a conference in Calgary. After that, increased pumping power could boost flows to about 1.14 million barrels a day, but that would require dredging the nearby waterway to allow tankers to carry more oil. Article content Article content Article content Trans Mountain, running from Alberta to a marine terminal near Vancouver, had its capacity increased to as much as 890,000 barrels a day when a twin pipeline was completed along its route a year ago. Article content Article content Dredging 'reduces the number of tankers that have to transit,' Maki said. 'It's an important piece' of optimizing the line. Article content Pressure has been growing for Canada to find new export outlets for its oil since President Donald Trump threatened tariffs on the country earlier this year. Canada ships most of its oil to the US due to a lack of pipelines to domestic ports. Article content Alberta Premier Danielle Smith is pressing Prime Minister Mark Carney for a new 1 million barrel-a-day line running from Alberta to the northern British Columbia city of Prince Rupert and is offering to backstop the project by pledging oil for the line that the province collects as royalties. Alberta has reached out to pipeline companies about building such a new line, she said Wednesday. Article content Article content 'She's talked, I'm sure, to every pipeline company, including us,' Maki said. Optimizing 'the existing kit is the first priority for us.' Article content The Trans Mountain system is running at about 85% of its capacity because western Canadian oil production hasn't yet increased enough to fill the system, Maki said. Trans Mountain projects the system will fill by 2027 or 2028, he said. Article content The Canadian government — which acquired Trans Mountain in 2018 when previous owner Kinder Morgan Inc. threatened to scrap the expansion amid opposition in BC — has pledged to sell the pipeline. Such a sale shouldn't be done too quickly, Maki said. Trans Mountain's value would increase once it's optimized and final tolls have been set, he said.
Bloomberg
11-06-2025
- Business
- Bloomberg
Trans Mountain Eyes Pipeline Capacity Increase by Early 2027
The Trans Mountain pipeline could handle an additional 75,000 barrels of crude a day by a early 2027, the government-owned company's top executive said, potentially helping Canadian oil producers expand shipments to non-US markets. Chemicals that make crude flow more easily through the line could be used in less than two years as a first stage of the capacity increase, Trans Mountain CEO Mark Maki told reporters at a conference in Calgary. After that, increased pumping power could boost flows to about 1.14 million barrels a day, but that would require dredging the nearby waterway to allow tankers to carry more oil.
Reuters
11-06-2025
- Business
- Reuters
Canada should not rush potential sale of TMX pipeline, Trans Mountain CEO says
CALGARY, June 11 (Reuters) - Canada should not rush to sell the newly expanded Trans Mountain Pipeline, its CEO Mark Maki said on Wednesday at a conference in Canada. The Canadian government, which owns the C$34 billion pipeline, should be able to recover some of its investment if it plays its cards correctly.
Yahoo
11-06-2025
- Business
- Yahoo
Canada should not rush potential sale of TMX pipeline, Trans Mountain CEO says
CALGARY (Reuters) -Canada should not rush to sell the newly expanded Trans Mountain Pipeline, its CEO Mark Maki said on Wednesday at a conference in Canada. The Canadian government, which owns the C$34 billion pipeline, should be able to recover some of its investment if it plays its cards correctly. Sign in to access your portfolio
