CALGARY — The federal government said Friday it will not put more money toward the Trans Mountain pipeline expansion in spite of a newly disclosed price tag for the project that comes in 70 per cent higher than expected.

Deputy Prime Minister Chrystia Freeland said Friday that Trans Mountain Corporation — the Crown corporation that owns the massive oil pipeline — will need to secure third-party funding to complete the project, either through banks or public debt markets.

“I want to assure Canadians there will be no additional public funding for TMC,” Freeland told reporters in Ottawa, adding the government has engaged BMO Capital Markets and TD Securities to provide financial advice on the project and has been assured by both parties that the project remains commercially viable.

Freeland’s comments came shortly after Trans Mountain Corporation announced the projected cost of the pipeline expansion has soared from its earlier estimate of $12.6 billion to $21.4 billion…read more.