Canada approved a new crude oil pipeline that will result in a big increase in tanker transits out of the Port of Vancouver.

The Justin Trudeau-led government approved the Trans Mountain expansion project, backed by the pipeline's owner Kinder Morgan. The project will triple the volume of crude oil carried from Canada's oil producing province of Alberta to British Columbia.

The approval also includes a permit for the Kinder Morgan-owned Westridge Marine Terminal to increase the number of tanker transits it can receive from five to 34 per month.