CALGARY, Alta. — Canadian Pacific (CP) Railway has officially announced its intentions to bid on the operations of B.C. Rail, after the province of B.C. announced it will privatize the railway.

Canadian National (CN) has also hinted it would pursue the country’s third largest railway, but CP is the first to announce an official bid, which will be officially filed within the next 10 days.

“We have met with BC Rail customers and communities over the past several months to hear first-hand their needs and concerns about operating B.C. Rail successfully,” Rob Ritchie, CPR’s president and CEO, said. “We strongly believe we can leverage our network of rail lines, connections and alliances to meet their needs and to achieve sustainable efficiencies for BC Rail. We will put forward a public-private partnership proposal that is structured to deliver these benefits.”

B.C. Rail has been a money-losing entity owned by the provincial government for years now, and the B.C. Liberals are privatizing its operations so taxpayers will no longer be on the hook for its losses.

“As one of the continent’s premier railways, we can address the provincial government’s requirements of sustainability, competitiveness and growth for BC Rail and the region it serves. We want CPR’s participation to be good for shippers, for communities, for government and for us,” Ritchie said.