UPDATED: Alberta unveils southern route, private partnership for BC pipeline

Alberta has unveiled its proposed route for a new pipeline to British Columbia, as well as a private partner.

Flanked by Prime Minister Mark Carney in Calgary, Premier Danielle Smith announced that the pipeline would bypass the North Coast tanker ban by running from Bruderheim, AB to BC's southwest coast.

"With the help of our technical advisory group made up of industry experts, we determined that this route offers the fastest, most cost-effective path to expanding Canada's energy exports," she said. "Following the existing Trans Mountain corridor, this project builds on existing infrastructure, it reflects feedback from Indigenous groups, and the government of BC, reduces regulatory barriers ... and gets Canada's most valuable natural resource to global markets faster."

She also revealed that Pembina Pipeline Corporation would be partnering with her government, Trans Mountain Corporation, and the federal government to construct and operate the project.

Pembina could own 10% of the pipeline through the construction phase, though there is an "opportunity for up to an additional 10% once the project enters commercial operation." Trans Mountain Corporation and the Alberta government's Petroleum Marketing Commission would split the balance equally, with a "meaningful opportunity Indigenous equity participation."

No formal agreement has been signed.

Carney vowed to "immediately" refer the proposal to the Major Projects Office and begin consultation with First Nations.

The project is estimated to cost $44 billion, and projected to bring in $20 billion per year for the life of the pipeline.