National Trade Corridors Fund, Vancouver Fraser Port Authority and CN move forward on expanding trade for Canadian economy
Vancouver infrastructure project will improve fluidity for key Canadian gateway and improve the resiliency of the Lower Mainland supply chain
VANCOUVER, British Columbia, Feb. 14, 2019 (GLOBE NEWSWIRE) — The Government of Canada, the Vancouver Fraser Port Authority and CN (TSX: CNR) (NYSE: CNI) have signed an agreement to upgrade key infrastructure to increase capacity on a critical segment of trade infrastructure in the Greater Vancouver area.
The project is part of a long-term strategy to increase capacity and grade-separate the Burrard Inlet rail corridor that services the south shore port area in Vancouver. It consists of double-tracking a four-kilometre section of rail that links expanding import and export terminals on the south shore of the Burrard Inlet to the national rail network.
By building a second track, CN will create more rail capacity, allow for a better flow of rail traffic in and out of the port, and improve efficiencies in the supply chain.
“We are pleased to participate in this historic infrastructure project. The Port of Vancouver is the busiest global trade export gateway of Canada and we must make the most of the existing limited assets,” said JJ Ruest, President and Chief Executive Officer at CN. “Increasing run-through rail capacity with strategic investments will benefit all aspects of the supply chain. With today’s announcement, Canada is signalling to our international trade partners that we take trade and its importance to the Canadian economy very seriously.”
“This project is part of a large group of projects identified through the Greater Vancouver Gateway 2030 plan to meet Canadian demand for import goods from Asia and grow Canadian exports,” said Robin Silvester, President and Chief Executive Officer of the Vancouver Fraser Port Authority. “By contributing to new road and rail infrastructure beyond the port, we can help ease the impacts of growing trade on local communities while fulfilling our federal mandate to facilitate Canada’s trade objectives.”
CN is currently in discussions with partners and stakeholders as to the next steps and the timeline to expedite the construction and completion of the project.
CN is a true backbone of the economy with more than C$250 billion worth of goods transported annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit,
Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.
|Jonathan Abecassis||Paul Butcher|
|CN Media Relations||CN Investor Relations|
|(514) 399-7956||(514) 399-0052|