Sunday, 23 September, 2018

Canada to buy Kinder Morgan pipeline project assets

Quebecers gathered to protest the Kinder Morgan Trans Mountain pipeline in Montreal on Sunday Canada to buy Kinder Morgan pipeline project assets
Doris Mccormick | 30 May, 2018, 15:27

"Our government is determined to defend British Columbia's interests within the rule of law and in the courts", said Horgan.

Federal Green Party leader Elizabeth May says the Liberal government's announcement to spend $4.5 billion to purchase Trans Mountain and Kinder Morgan Canada assets will go down as a historic blunder.

Nationalizing Trans Mountain is a drastic and costly step but this is a case of the end result justifying the means so vital is this pipeline to the Alberta and Canadian economies. "We are going to get that pipeline built", Trudeau said Tuesday morning as he headed into a meeting with his cabinet. Should it drop it, Alberta may have to make good on its promise to buy the project and take responsibility for making it happen.

Still, the federal government approved the pipeline in November 2016, on the condition that it meet 157 conditions related to its impact on Indigenous communities, environmental impacts and myriad other areas.

In April, Kinder Morgan suspended non-essential spending on the project. And let's not forget 2009, when the federal and Ontario governments spent more than $13 billion to bail out North American auto makers.

Image copyright Reuters Image caption Federal Finance Minister Bill Morneau says the TransCanada expansion will move forward Who supports the deal? The proposal called for twinning an existing pipeline that runs from Edmonton, Alta.to Burnaby, B.C. and would almost triple its output from 300,000 barrels a day to almost 900,000 barrels a day.

Alberta has agreed to put up to $2 billion on the table to cover off any unexpected costs during the sale or construction phases, and will receive equity or profit for any money it does put in.

"If they buy Trans Mountain, they have to not do something else", Lau said in an interview.

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"This is a great set of assets that we are now expanding and expect to continue to find opportunities to expand in the future", Kean said.

The project has been opposed by BC's provincial government, led by John Horgan. The project has been beset by legal uncertainty and rising protests from environmental groups and the province of British Columbia.

Mike Hudema, a climate and energy campaigner at Greenpeace Canada, said the government "has just signed up to captain the Titanic of tar sands oil pipelines, putting it on a collision course with its commitments to indigenous rights and the Paris climate agreement".

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. For several years a company called Kinder Morgan has been trying to build a new Trans Mountain Pipeline that would follow the path of the existing pipeline and allow much higher volumes of oil to flow west. Social activist and author Naomi Klein called the government's plans a "desperate scam".

Opposition to the government's proposal comes also from fiscal conservatives, who question the logic behind what they describe as a government bailout.

"It's the kind of epic disaster of the last century I couldn't imagine a modern government doing, but that's exactly what we are doing", May said.

"Worst of all, the cost and risk of a $7bn project that was going to be willingly financed entirely by a private company will now be unnecessarily transferred onto the backs of Canadian taxpayers".

The fair value of the remaining assets - plus the $12-per-share after tax proceeds of the sale - is $18 per share, which reflects how sizeable the Trans Mountain system was as a portion of Kinder Morgan Canada's business, Kwan said.

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