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giftedviz.com June 18, 2018


Kinder Morgan Canada shares move higher after deal to sell Trans Mountain

29 May 2018, 09:30 | Ross Houston

The Darfield pump station is about 80 kilometres north of Kamloops B.C

Darfield pump station

Canada and Kinder Morgan agreed on a pricetag of 4.5 billion Canadian dollars ($3.5 billion), Finance Minister Bill Morneau said at a press conference Tuesday morning.

The ensuing uncertainty, paired with vociferous opposition from environmental groups and some Indigenous communities in B.C., prompted Kinder Morgan to halt investment until the federal government could inject some certainty into the project.

Morneau said more investment would be needed to complete the expansion, and stressed he felt the project should be returned to the private sector.

John Horgan, British Columbia's premier, has asked a court to determine whether the province has jurisdiction over the pipeline, vowing to block the expansion if the court says yes.

The deal will see Canada become the owner of the pipeline and all of Kinder Morgan Canada's core assets, and in return Kinder Morgan will continue construction on the twinning of the pipeline this summer. It will be a key test of Trudeau's bid to balance the environment and the economy by backing the C$7.4 billion pipeline expansion while pushing a national carbon price to reduce greenhouse gas emissions.

Elizabeth May, the leader of Canada's Green Party, characterized the project as much more than a pipeline. However, at present, there is only one pipeline from the tar sands region to the port in Vancouver and that pipeline was built in 1953.

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Morneau called the purchase an "exceptional situation" and said the government doesn't intend to be a long-term owner of the pipeline.

Do you support the federal government's purchase of Trans Mountain?

"At a critical moment in history, the government is indeed doing "whatever it takes" to undermine our transition to a safe, clean, renewable energy future".

"The Indigenous-led, people-powered movement that led Kinder Morgan to abandon ship on this project is stronger than ever and will not back down". It's actually better for Kinder Morgan than it is for Canada.

The company has put $1.1 billion into the $7.4 billion pipeline, including funds spent on upgrading the Westridge Marine Terminal in Burnaby, Kean said in a statement on April 9.

The two sides had been in talks since the company set a May 31 deadline for the government to give certainty in the face of opposition from British Columbia, which is concerned about increased tanker traffic and possible oil spills along the Pacific coast. "That's a big question", said Bloom.



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