The overbudget Trans Mountain expansion project owes its lenders at least $23 billion and is looking to take on more private debt as the federal government shuts its wallet and construction costs skyrocket.

The pipeline expansion initially was projected to cost $7.4 billion when the federal Liberal government purchased the project in 2018 after Texas-based Kinder Morgan pulled out.

It was then revised to $12.6 billion in February 2020. Two years later, the project’s price tag hit $21.4 billion.

As of this year, the estimate is $30.9 billion.

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