August 15, 2018

There may be credit implications with Trans Mountain

05 June 2018, 07:21 | Ross Houston

Trudeau costs us for his energy-sector failings

Canada to Buy Kinder Morgan Oil Pipeline in Bid to Save Project - Details

The judge went on to say that although the people have a right to make their views known, they do not have the right to protest in a way that is blocking the lawful work of the pipeline workers.

As a result, only a fraction of the people blocking work at the site have been arrested, but the RCMP is still spending about eight or nine hours attending each protest, he said.

During the call, Trudeau reiterated the federal government's jurisdiction over interprovincial pipelines, and noted that the Government of Canada is confident that, with this agreement, it is upholding the trust Canadians have placed in the government to both grow the economy and protect the environment.

Federal finance minister Bill Morneau announced Tuesday his government's plan to spend $4.5 billion to buy the existing Trans Mountain pipeline, which carries diluted bitumen from Alberta to Burnaby.

Their opposition became more hard this week after a controversial move from the federal government. Those First Nations who are opposed to the pipeline (many support it) have stepped up their rhetoric with Grand Chief Stewart Phillip, president of the Union of B.C. Indian Chiefs, warning of a violent Oka-like standoff, a reference to a 1990 Mohawk protest in Quebec where a police officer was killed. "So, we may be able to get it back into the private sector in the shorter term if we're convinced we can meet that objective, or it might take a little longer to actually de-risk it", Morneau said.

Experts were also quick to add it's unlikely Ottawa will succeed if it tries to sell the Trans Mountain assets it is buying from Kinder Morgan Canada Ltd. while the contentious expansion has yet to begin pumping oil.

Since being elected in 2015, the federal government under Prime Minister Justin Trudeau has sought to balance a national climate change plan - including carbon pricing, emissions caps and investment in renewable energy - with the continued development of the oil sands, one of the country's largest economic engines. The cost of pipeline bottlenecks continues to weigh on Canada's oil industry.

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"Our Canadian employees and contractors have worked very hard to advance the project to this critical stage, and they will now resume work in executing this important Canadian project", said Kean.

"It does not matter who owns the pipeline", said Horgan. "Our government is determined to defend British Columbia's interests within the rule of law and in the courts".

Kinder Morgan Canada (TSE:KML) had its target price lowered by CIBC from C$22.00 to C$17.00 in a report issued on Wednesday morning.

In British Columbia, opponents are also concerned about the potential a tanker spill could have on the province's coastline.

"People feel betrayed by this government and so opposition is growing and we're going to stop this pipeline", she said.

"Only Liberals would dump $4.5 billion on a 65-year-old pipeline and call that an energy strategy".

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