The Canadian government is giving the Canada Development Investment Corporation (CDEV) more autonomy in managing the Trans Mountain pipeline, according to a notice published in the Canada Gazette. 

As Financial Post reported on Thursday, May 23, 2024, CDEV, a crown corporation, will no longer require approval from the Governor in Council (GIC) for certain transactions related to operating or selling the pipeline. 

This change aims to expedite the process for CDEV, which owns Trans Mountain Corp., the pipeline operator. 

"Seeking GIC approval each time would significantly slow down CDEV's ability to manage the Trans Mountain Expansion Project," the notice stated. The streamlined process is intended to "allow Trans Mountain to compete effectively in the sector and facilitate Indigenous economic participation."

The federal government acquired the Trans Mountain pipeline in 2018 to construct a new 1,150-kilometer oil pipeline linking Alberta and British Columbia, which will provide Canadian oil producers with access to new markets and better prices. 

The new pipeline, operational since May 1st, runs parallel to an existing line built in 1953. Together, they have a daily transport capacity of approximately 890,000 barrels of oil. Ottawa's long-term goal is to sell the pipeline system and involve Indigenous communities in its ownership. 

The most recent budget allocated $5 billion in loan guarantees for First Nations to participate in "Canada's prosperity and benefit from the new opportunities ahead."