The Imperial Oil-led consortium has submitted a financial plan for the proposed C$16.2 billion Mackenzie Valley gas pipeline to Canada's Minister of Industry, Reuters has reported.

The financial plan is for the construction of a 1,220 kilometer pipeline and gathering system and the development of gas fields in Canada’s Northwest Territories, the publication said.

According to Reuters, the project is expected to supply up to 1.9 billion cubic feet of gas per day from the gas fields in the Mackenzie Delta, north of the Arctic Circle, to the Canadian and US markets.

The other partners in the consortium include the region’s aboriginal community and energy giants Shell, ExxonMobil and ConocoPhillips. The government of Canada owns the fields but has no plans to pick up equity in the project.

Jim Prentice, Canada’s Industry Minister, as quoted by Reuters, said: The government of Canada has no interest in owning any portion of the project or in subsidizing petroleum companies.