Transportation Minister Claude Williams says helping CN Rail could be a win-win for the provincial government. (CBC)

Transportation Minister Claude Williams says the New Brunswick government may offer financial help for CN Rail, but only if other partners also chip in to help save the rail service.

The company recently announced it needs $50 million to upgrade the line between Moncton and Bathurst to maintain freight rail service in the northern part of the province.

"The province wants to be a partner. We want to be one of the stakeholders." Williams told CBC News.

"But we made it clear that the province will not be the only stakeholder at the end of the day."

Representatives from the provincial government, CN, Via Rail, the federal government's Atlantic Canada Opportunities Agency and businesses in the north have formed a committee to review the situation.

'Well, certainly, because this can be a win-win situation and the line could be operational and become, again, viable.'—Transportation Minister Claude Williams

Any funding will come from members of that group and the provincial government is willing to be one of the ones to contribute, said Williams.

"Well, certainly, because this can be a win-win situation and the line could be operational and become, again, viable," he said.

The committee will also look for ways to attract new business or increase existing business for CN Rail along the 224-kilometre stretch in question, between Catamount, just west of Moncton and Irvco, about 32 kilometres west of Bathurst.

Meanwhile, CN Rail has started the discontinuance process for that stretch of line under the Canada Transport Act. The earliest the service could end would be March 2014.

The line has been losing money since CN re-acquired it in 2008 from what was then the New Brunswick East Coast Railway due to declining traffic volumes and infrastructure costs, officials have said.

About 12 to 15 customers currently use the line.