Cancelation of Keystone XL pipeline to benefit Justin Trudeau’s friend Bill Gates, who owns a stake in CN rail, which transports crude oil

The cancellation of the Keystone XL pipeline will force the Alberta oil sands to continue using railway cars to transport crude oil to the U.S.A..

Oil by rail will benefit Bill Gates, who owns a 16.36 percent ownership stake in CN rail. Gates has been investing in CN since 2006, and his total investment in the railway is valued at $16.3 billion.

Negotiations continue with the Alberta government to start shipping more crude-by-rail by the end of this year or early 2020. CN says total revenues from the transport of petroleum and chemicals rose 50% y/y to $815 million in the fourth quarter. Total overall revenues for the company rose 16% y/y to $3.6 billion in Q4 2018.

Categories: Uncategorized

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