Pipeline owner Kinder Morgan had been working with the government to identify another buyer before July 22.
But with that date set to pass without a deal, it was expected the pipeline company will now take Ottawa’s $4.5-billion offer to purchase the project to its shareholders.
Pending their approval, the sale, which includes the existing pipeline, the pumping stations and rights of way, and the Westridge marine terminal in Burnaby, B.C., will be approved sometime in August or September.
The $4.5-billion purchase price does not cover the construction costs of building the new pipeline, which previous estimates have pegged at around $7.4 billion.
Finding another buyer for the project before Sunday’s deadline was widely considered a long shot because of the project’s risks.
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