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Carney: New oil pipeline proposal for Canada highly likely

In an interview with the Calgary Herald published on Sunday, Prime Minister Mark Carney said that a new oil pipeline along the coast of British Columbia is likely to make the list of projects considered to be of national significance by the Canadian government.

Carney stated in an interview on Saturday that "given the size of the economic opportunity and the resources, expertise, and knowledge we have that it's highly, highly probable that we will be proposing a pipeline as one of these national-interest projects."

The Prime Minister said it was up to the private industry to come up with the idea, and not a government "top-down" approach, where they say "we want that, we want this."

Carney, who attended the annual Calgary Stampede in Calgary, said he also supported a proposed C$16.5 Billion ($12.14 Billion) carbon capture system to be built for Alberta's Oil Sands.

Carney's remarks come just weeks after the Canadian Senate passed a law to expedite approval of natural resource and infrastructure project. The bill expedites approval of projects of national importance, including oil pipelines and mines. It also eliminates certain trade barriers between provinces.

Canada is the fourth largest oil producer in the world. Canada has put oil and gas projects on its list as it tries to reduce its economic dependency on the United States. It sends 75% of all exports there.

(source: Reuters)