The Canadian government-owned Trans Mountain oil pipeline is no longer profitable after cost over-runs and delays to its expansion project, the country's parliamentary budget officer (PBO) said on Wednesday.
A report from PBO Yves Giroux said the pipeline has a net present value of negative C$600 million , based on the difference between Trans Mountain's cash flows and its C$4.4 billion purchase price.
Additional delays and increased construction costs would further reduce Trans Mountain's value, the PBO said. If Ottawa cancels the expansion, the government faces a C$14.4 billion write-off, the PBO said.
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