Nadeem Velani, chief financial officer for Canadian Pacific Railway, delivered the keynote address at the Saint John Region Chamber's first virtual annual general meeting held Tuesday.
Canadian Pacific Railway is coming back to Atlantic Canada.
Executive Vice-President and Chief Financial Officer, Nadeem Velani, detailed the company’s return as he delivered the keynote address during the Saint John Region Chamber’s annual general meeting held virtually on Tuesday.
CP acquired the Central Maine and Quebec Railway, adding nearly 800 kilometres of rail lines and port access in Saint John and Searsport, Maine.
Velani said the company’s planned investments include spending $90-million over three years to improve CMQ’s track infrastructure in Maine and Quebec.
“Track updates are underway as we speak. By the fourth quarter, we’ll be able to offer 24-hour service between Saint John and Montreal” Velani said, “CP is committed to spending $1.6 billion on capital [spending] system-wide this year and we remain committed to our spending despite the challenges brought on by COVID-19.”
Thank you once again to Nadeem Velani, CFO of @CanadianPacific for taking the time to attend our virtual AGM and provide our members with a valuable update. #SJChamberAGM20@cityofsaintjohn @uptownsaintjohn @Quispamsis @Rothesay_NB @towngbw @dondarlingSJ @WayneLongSJ pic.twitter.com/zOEDeTeu3V
— The Chamber SJ (@TheChamberSJ) June 30, 2020
Velani said Canadian Pacific Railway, New Brunswick Southern Railway and Eastern Maine Railway routing in this corridor is 200 miles shorter than what their competitors can offer.
“It’s a compelling advantage. It means customers that might not have considered rail in the past have good reason to take another look,” Velani said.
When it comes to Port Saint John, Velani said CP thinks they found a “true diamond in the rough” with a deep water congestion-free Atlantic Ocean port who has a top-notch operator in DP World.
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