For its next trick, Ottawa must unload the $34B Trans Mountain pipeline. It won't be easy

In her budget speech to the House of Commons on Tuesday, Finance Minister Chrystia Freeland took a moment to celebrate the finishing touch on expansion of the Trans Mountain oil pipeline.

Nearly five years ago, Mason walked into then-federal finance minister Bill Morneau's office in Ottawa and made an offer to purchase Trans Mountain before construction had even begun on its expansion, which will transport more oil from Alberta to the British Columbia coast.

"There's no way that you can have tolls high enough on TMX to cover a $34 billion budget," said Rory Johnston, an energy researcher and founder of the Commodity Context newsletter, who describes the cost overruns on the project compared to the original estimates as "gigantic."

The federal government has looked at offering an equity stake to the more than 120 Western Canadian Indigenous communities whose lands are located along the pipeline route, while finding a different buyer to be the majority owner.

The group has the support from about 40 Indigenous communities and hopes to purchase the project within the next year, said Michael Lebourdais, an WIPG director and chief of Whispering Pines/Clinton Indian Band, located near Kamloops, B.C.

The federal government will likely highlight the overall economic benefits of the new pipeline and the expected role of Indigenous communities in ownership, experts say, as a way to defend against criticism if the eventual sale price is low.