Monday, 25 June, 2018

'Certainty is increased': Notley on federal plan to buy Trans Mountain expansion

3:17pm


Image Credit CFJC Today 3:17pm Image Credit CFJC Today
Doris Mccormick | 31 May, 2018, 07:32

The Canadian government announced earlier that it will purchase the pipeline and all of Kinder Morgan's core Canadian assets for $4.5 billion.

Kinder Morgan's future is cloudy and it will be left cash-rich but prospect-poor from the deal to sell its existing 300,000-barrel-per-day pipeline and the delayed 590,000-bpd expansion project for $4.5 billion, analysts at CIBC said in a report.

Employees at Evraz Steel in Regina are watching the latest developments surrounding the Trans Mountain pipeline project with intrigue.

Ottawa was forced to act because of "politically induced uncertainty created by the province (of B.C.)" after the project was already approved which has "potentially devastating impacts on investor confidence in Canada", he said.

Moe also said the federal government could have taken other routes to make sure pipeline construction went ahead, including cutting infrastructure in B.C. if that province continued to block the pipeline.

George, who has previously travelled to speak to Kinder Morgan shareholders, said he can understand why Kinder Morgan wants out of the project: "It's not a good investment for the shareholders". Construction costs of the pipeline are estimated to be at $7.4-billion-funds that the liberals may have to scrap together from taxpayer dollars.

"We're going to physically, directly intervene and stop the destruction, starting on Friday". On the heels of Trudeau's announcement, the Vancouver-based Indigenous rights group Coast Protectors scheduled a rally for Tuesday evening to "say no to Trudeau's pipeline buy out".

The Trudeau government has also offered to cover the losses of any company that buys the project, if the proponent is forced to abandon plans due to a court decision that reverses the federal approval of the project.

"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.

"This is a bad day for British Columbia, because John Horgan has chose to kick the feds in the shins and now they're coming back with our tax dollars to fix the problem", he said.

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If Carr is suggesting that the country is no longer polarized - and has not become more so as a result of this policy decision - he needs to get out more.

"CEPA is deeply concerned that the government needed to purchase the project for it to be built and to assert federal jurisdiction". But over the past 30 years, the Canadian government has launched a major privatization effort, selling Air Canada, Canadian National Railway and Petro-Canada.

"We disagree on one issue", Horgan said.

"I said to the Prime Minister that ownership of the project doesn't change my concerns", said B.C. Premier John Horgan.

Green Party MP Elizabeth May, representing Saanich-Gulf Islands, and Victoria NDP MP Murray Rankin both panned the federal move.

"Kinder Morgan wins", Brian Kessens, managing director investment firm Tortoise, which holds shares in Kinder Morgan Inc., told Reuters.

A Finance Department official says that as a Crown project in the national interest, Canada has special allowances to proceed that may not be available to a private-sector company.

But the story gets worse for Canadian taxpayers.

Many demonstrators are outraged with people calling the decision to use tax payer money to save the project 'ridiculous, ' reported News 1130. He promised that this project could not go through unless it was done through a vigorous review, which he broke'.

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