Alberta’s proposed oil pipeline to the West Coast-now known as Pacific Link-is the first ever-project of national interest under the Building Canada Act.

The announcement came from Prime Minister Mark Carney and Alberta Premier Danielle Smith on Thursday morning.

Pacific Link will have shared ownership between Canada and Alberta. Indigenous communities be offered a minimum of 10% ownership interest through Alberta’s Indigenous Loan Guarantee Programs. The federal government is also working to create Indigenous contracts and employment opportunities during the project.

Private sector investor Pembina Pipeline Corporation is part of project development, which is being led by the Trans Mountain Corporation-the company that just built the largest oil pipeline to Canada’s West Coast.

The pipeline itself is expected to be 1,200-kilometres and is estimated to carry an extra million barrels per day when finished, mainly to Asian markets. Along with that, the project is expected to create 140,000 jobs across the country and generate over $20 billion in GDP per year, and $100 billion in government revenue by 2060.

Pacific Link being marked as a national interest under the Building Canada Act allows the federal government accelerate approval processes for the project.

Canada’s Major Projects Office is working to finalize everything and get work started by September 1, 2027.