UPDATE: Due to provincewide cellular challenges and weather, this event has been moved to McDougall Centre in Calgary. It won't be held in the Cochrane area as originally scheduled.
The Alberta Government and Calgary-based TC Energy Corporation have finalized an agreement to speed up the construction of the Keystone XL (KXL) pipeline project.
Premier Jason Kenney will be in Cochrane at a press conference at 2 p.m. today.
In a news release sent out by the province it says this is a $1.5 billion government investment in the KXL that will accelerate construction, ensuring the pipeline will be operational by 2023.
The province says the project will create over 1,400 direct and 5,400 indirect jobs in Alberta during construction and will generate an estimated $30 billion in tax and royalty revenues for future generations of Albertans and Canadians.
Kenney says “We cannot wait for the end of the pandemic and the global recession to act. There are steps we must make now to build our future focussed on jobs, the economy, and pipelines. Today we are moving forward with a project that is essential to our future prosperity. This investment in Keystone XL is a bold move to re-take control of our province’s economic destiny and put it firmly back in the hands of the owners of our natural resources, the people of Alberta. The Government of Alberta is confident that this is a wise investment. After construction is complete, we will be able to sell our shares at profit. In addition, the project will have a net return of over $30 billion to the Alberta taxpayer through royalties and higher prices for Alberta oil in the next 20 years.”
Stay tuned to 91.5 CochraneNow and on www.cochranenow.com for more details later this afternoon.