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Kinder Morgan is suspending pipeline production because of BC resistance

11 Avril 2018

"Premier Horgan believes he can harass this project without economic consequences for his province", Notley said in a press release.

Although Kinder Morgan and the Canadian government suggest that the new provincial government in British Columbia is responsible for the project's suspension, the activist community claims the increased civil disobedience, including a massive protest the day before Kinder Morgan's announcement, and threat of an even larger movement reminiscent of the recent Standing Rock protests are what really won the day.

Kinder Morgan says it will consult with "various stakeholders" to try to reach an agreement by May 31 that might allow the project to proceed.

Clarity on the path forward, particularly with respect to the ability to construct through British Columbia.

The $7.4 billion Trans Mountain project would twin an existing pipeline, tripling the flow of oil flowing from Edmonton to Burnaby. Alberta's oil is fetching a discounted price in North America due to pipeline bottlenecks, among other factors.

Shares of Kinder Morgan Canada, spun off by its US parent to raise funds for the project a year ago, fell as much as 19 percent to their lowest since its listing.

Milobar said that money could be funnelled into social programs, health care and transportation. But now, he said, the rubber is hitting the road and Trudeau is going to have to be bold.

"We used to wear this as a badge of honor - that we were not like the tin-pot regimes around the world where they carry kalashnikov (rifles)", he said. "Trans Mountain was approved by the federal government following more than two years of exhaustive review and the attachment of almost 200 environmental and legal conditions". The city would also benefit with about $1 million in taxes every year.

"There's very serious economic and employment ramifications in Kamloops all the way up the Thompson Valley", Milobar said.

Greenpeace campaigner Keith Stewart called the May 31 deadline a power play by Kinder Morgan, whose securities filings show that the B.C. government's opposition is only one of many obstacles.

He said the pipeline was initially intended for domestic supply and noted the global economy is decarbonizing.

Throughout the battle between Alberta and B.C. over the pipeline, the federal government has argued that it is in the national interest.

"What happens here is going to reverberate into the future as far as how we do things in this country".

In Texas and Oklahoma, for instance, unemployment is under 4.0 per cent. "I do worry about the displacement of workers".

FILE PHOTO: Replacement pipe is stored near crude oil storage tanks at Kinder Morgan's Trans Mountain Pipeline terminal in Kamloops, British Columbia, Canada November 15, 2016.

"The bigger question now is 'What's next?'" he said.

While the company stopped short of saying it is canceling the project, many predicted this is its death knell.

"People recognize that this isn't the end, but it could be the beginning of the end", Fenton said.

The day after Kinder Morgan announced it was pumping the brakes on its Trans Mountain pipeline expansion, Green Leader Elizabeth May called on the project's opponents to continue the fight.

Stop providing that certainty and investment dollars dry up. Fortunately, this financial report may help them to earn the most.

The ultimatum prompted swift responses from Alberta and Ottawa, with both levels of government signaling interest in spending public funds to ensure the project proceeds.

Trudeau's government has been trying to balance the oil industry's desire to tap new markets with environmentalists' concerns.

"We campaigned with a view to protect our coast, land and water", British Columbia Premier John Horgan, told reporters on a webcast. (NYSE:KMI) stock. Among that group, 8 of them gave BUY ratings, 5 of them rated the stock as OUTPERFORM, 8 recommended it as HOLD, 0 set the rating at UNDERPERFORM and 0 rated it as a SELL. "That is not a viable strategy, given the point in time where we find ourselves right now".

"This has now become an issue of if the law prevails in Canada or if angry minorities can prevail".

Kinder Morgan, which has operated a pipeline in this country without incident since 1953, has received all the requisite approvals to proceed. Notley leads a pro-development Alberta version of the NDP. "Our government stands behind this project and has the jurisdiction in this matter".

Kinder Morgan is suspending pipeline production because of BC resistance