Canada to buy Kinder Morgan oil pipeline in bid to save project

Canada to buy Kinder Morgan oil pipeline in bid to save project

Canada to buy Kinder Morgan oil pipeline in bid to save project

"We are left questioning why any company would pursue large capital investment in Canada", said a note to clients by GMP Securities analysts.

The federal Liberal government has agreed to buy the troubled Trans Mountain expansion project from Kinder Morgan to ensure the controversial expansion of an Alberta-to-B.C. crude oil pipeline gets built.

Kinder Morgan investors must still approve the sale, which is scheduled to close in August, but the deal will allow construction to resume immediately, the minister added.

Trudeau responded as he has for weeks, saying the Trans Mountain pipeline expansion project is in Canada's financial and environmental interest, and will be built.

John Horgan, British Columbia's premier, has asked a court to determine whether the province has jurisdiction over the pipeline, vowing to block the expansion if the court says yes.

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Alberta Premier Rachel Notley was applauded by her staff and caucus after a news conference Tuesday on the federal government's purchase of the Trans Mountain Pipeline.

"We don't see this as a symbol of the way to get things done in this country", Morneau told a business audience in Calgary, home to Canada's energy industry.

Wilkinson said the government had to act to ensure summer construction on the pipeline would go ahead. "It will begin to reduce our reliance on one customer and enable Canadians to get a fairer price for their natural resources".

We offered them an indemnification of the political risks, and the ultimate way in which it was resolved was the Canadian government has bought the assets and will sell the assets.

The company also faced opposition from environmentalists and aboriginal groups who anxious about the pipeline spilling its tar-like heavy oil.

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"Trudeau is gambling billions of Canadian taxpayer dollars on an oil project that will never be built - a project that Kinder Morgan itself has indicated is "untenable" and that faces more than a dozen lawsuits, crumbling economics, and a growing resistance movement that is spreading around the world", Hudema said.

"We are purchasing the assets; we are purchasing the existing assets, and the investment in the twinning of that pipeline, and those assets are what is required for us to move forward with the expansion", he said. Our government is determined to defend British Columbia's interests within the rule of law and in the courts. The overwhelming majority of Canada's oil exports are sold to American refiners at a discount to worldwide benchmarks, reducing fuel prices for American consumers and income for Canadian producers.

As Reuters discovered, it appears that Canada has been taken for a ride by Kinder Morgan. His government needs the support of three lawmakers from British Columbia's Green Party to stay in power.

But opposition in British Columbia threaten to further delay the project, which was approved by the federal government in 2016. But he said Ottawa's decision to step in doesn't change the Tsleil-Waututh's opposition to the project.

The Canadian government said that it does not intend to "be a long term owner of this project", noting it plans to work with investors to transfer the project to a new owner.

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