Thank you, Mr. Chair.
The motion will deal with Bill C-69 and how it's going to affect specifically the Trans Mountain Expansion Project.
As I think we all know, Mr. Chair, our current government has committed Canadians to buying a project from Kinder Morgan, to buying an existing pipeline that Kinder Morgan owned here in Canada and also buying the opportunity to expand its existing pipeline from a Texas-based company known as Kinder Morgan. The project is the Trans Mountain Expansion Project otherwise known as the TMX.
The government bought that thing for $4.5 billion. We have concluded from the data we've collected that the existing pipeline, depending on which resources you reference, is 50 years old. It's worth somewhere between $800 million and $1.6 billion, which means that there's over $2 billion worth of opportunity cost fixed into that deal that the Liberal government made with Kinder Morgan.
For whatever reason, the Liberal government was under the impression that they didn't have to follow their own rules, and they would be able to proceed with the expansion of that pipeline without the proper due diligence. The courts have since determined that they failed with regard to environmental considerations and also in their consultations with indigenous communities.
That particular project is on hold right now, and we don't know how long it will be on hold. We know that Bill C-69 is currently in the Senate. It's finding its way into committee, or has found its way into committee. We don't know how long it will be there, but if that bill receives royal assent prior to the expansion project being approved, it will create other very strong and significant roadblocks to completing this project.