Jeudi, 21 Février 2019
Latest news
Main » Canada to buy Kinder Morgan pipeline project assets

Canada to buy Kinder Morgan pipeline project assets

31 Mai 2018

The federal Liberal government announced Tuesday that it will spend $4.5 billion to buy Trans Mountain and all of Kinder Morgan Canada's core assets.

"I'm concerned that there could be catastrophic consequences of a diluted bitumen spell, regardless of the owner of the pipeline", Horgan said in a press conference Tuesday morning. "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". But if one isn't found by July 22, Kinder Morgan's stake in the pipeline would be bought out by the Canadian government, which would proceed with the expansion, whose cost has been estimated at about $5.7 billion.

Recent polling suggests support for the pipeline among Canadians has strengthened somewhat since pipeline builder Kinder Morgan announced last month it was suspending all non-essential work on the Trans-Mountain expansion, and would make a decision on whether to abandon the project by the end of May.

The purchase will be financed by Export Development Canada and includes; the pipeline, pumping stations, the marine terminal in Burnaby, B.C. and rights of way along the pipeline between Edmonton and Vancouver.

They vowed to keep protesting the $4.5-billion Trans Mountain pipeline that carries crude and refined oil from Alberta to the west coast of British Columbia, Canada.

This decision makes ideal sense so I'm a little surprised that Justin Trudeau's government is behind it.

However, leaders of First Nations that signed economic agreements with Kinder Morgan welcomed the decision.

"I think a lot of us who knocked on doors for the Trudeau government really believed them when they said they were going to bring evidence-based analysis and science and democratic process back to pipeline reviews".

"We continue to engage in financial discussions on the way we are going to do that", he said.

Moe wants to know how the federal government, in partnership with Alberta, owning the project will change the B.C. government's continued opposition to the project. "We support improving market access to ensure Canada achieves fair recognition and full value for its energy resources".

Because instead of having the private sector do it, Canadian taxpayers are now the owners of the Trans Mountain, for an initial outlay of $4.5 billion, with the final cost likely to be around $7.5 billion.

Kinder Morgan had set a May 31 deadline for the political uncertainty around the pipeline to be resolved or it was prepared to walk away from the project.

Steve Kean, chairman and chief executive of Kinder Morgan Canada Ltd., said the deal represents the best opportunity to complete the expansion project. "It's a government that committed to the United Nations declaration on the rights of indigenous peoples", says Mike Hudema, climate and energy campaigner at Greenpeace Canada. He promised that this project could not go through unless it was done through a vigorous review, which he broke'. Its expansion is a key part of Canada's effort to boost oil exports to Asian markets - but the plan has been protested by indigenous groups and environmental activists, who warn of the risks of a spill and the hazards of increased petroleum tanker traffic. A lack of capacity in pipelines or in rail cars to ship oil produced in Alberta is also hurting Canada's energy sector.

Canada to buy Kinder Morgan pipeline project assets