The Globe and Mail reports in its Saturday edition that government-owned Trans Mountain Corp. pumped $450-million into federal coffers over the past three months, as the company's pipeline from the oil sands to the Pacific coast ran near capacity. The Globe's Andrew Willis writes that on Friday, Calgary's Trans Mountain announced its network moved an average of 840,000 barrels of oil each day, running at 94 per cent of capacity during the second quarter of the year. The country's major oil producers shipped 65 per cent of this oil to Asian refineries. The Crown corporation turned a $138-million quarterly profit and continued to generate a significant return on taxpayers' $34-billion investment in the pipeline. Trans Mountain's quarterly payment to the federal government consisted of $150-million in interest payments and $300-million in cash dividends. Trans Mountain has returned $2.6-billion in interest and dividends to Ottawa since the controversial purchase and expansion were completed just over two years ago. The federal government acquired Trans Mountain in 2018 when Houston-based Kinder Morgan bailed from the project. Trans Mountain's customers include Cenovus Energy and Canadian Natural Resources.
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