Cenovus CEO says proposed pipeline to Canada's west coast currently 'unfinanceable'

Cenovus Energy Incorporation

09/06/2026 20:30

CALGARY, June 9 (Reuters) - Cenovus Energy CEO Jon McKenzie said Tuesday Alberta's proposed 1 million barrel-per-day pipeline to British Columbia's Pacific coast cannot be financed by the private sector under Canada's current regulatory regime.
McKenzie, who heads one of Canada's largest oil sands companies, said at the Global Energy Show in Calgary that the country's industrial carbon pricing system makes Canadian oil uncompetitive and inhibits the production growth required to fill the proposed pipeline.

 (Reporting by Amanda Stephenson in Calgary; Editing by Franklin Paul)
 ((amanda.stephenson@thomsonreuters.com))