Cenovus CEO calls west coast pipeline unfinanceable
Cenovus CEO Jon McKenzie says Alberta's proposed west coast pipeline is currently unfinanceable. He cited carbon pricing as a barrier to production growth.
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CENOVUS ENERGY INC CEO Jon McKenzie stated Tuesday morning that a proposed 1 million barrel-per-day pipeline to the Canada west coast is currently unfinanceable by the private sector. McKenzie identified the national industrial carbon pricing system as the primary barrier to securing the necessary investment for the project. The regulatory environment effectively stalls the production growth required to fill such infrastructure and maintain the global competitiveness of Canadian oil.
