Canadian government to buy controversial oil pipeline for C$4.5bn

Canadian government to buy controversial oil pipeline for C$4.5bn

Canadian government to buy controversial oil pipeline for C$4.5bn

Morneau called it an "exceptional situation" that's in the national interest and said the government doesn't intend to be a long-term owner of the pipeline.

Following the takeover, which must be approved by Kinder Morgan's shareholders in August, the project will proceed under the ownership of a Crown corporation.

Anti-pipeline protesters marched on Kinder Morgan's Burnaby Mountain terminal this morning.

Killoran said an RCMP officer's affidavit outlines how protesters at the Burnaby work sites have taken advantage of the 10-minute warning period and slowed down the enforcement process, resulting in fewer arrests, more work for police, and no repercussions for protesters.

By buying the pipeline, the government of Canada has essentially agreed with Kinder Morgan - a private company could not build a fully authorized project in a timely and commercially effective manner.

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However, Speers noted that project management in the public sector has vastly improved in recent decades and it is possible for the federal government to do a good job.

Kinder Morgan's heavily contested Trans Mountain pipeline expansion has a new owner in the form of the Canadian government but the project's opponents say that is unlikely to change their views. It didn't specify how it would spend the proceeds of the sale but did say it plans to continue to invest in Canada.

The cost of expanding the pipeline has been estimated by Kinder Morgan to be $7.4 billion if construction is completed by December 2020.

Opposition and United Conservative Party Leader Jason Kenney said on Thursday he was still ready "to swallow the bitter pill" and support backing Alberta's $2-billion investment if it means the pipeline will be built. All they needed was clarity and certainty from the government so they could get construction underway.

For the Liberal government, that amount of money appears to be $4.5 billion. Prime Minister Justin Trudeau first proposed to indemnify the project from risk, but ultimately made a decision to purchase it outright as the May 31 deadline neared.

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British Columbia Premier John Horgan said his government will continue its case before the B.C. Court of Appeal to determine if it can restrict heavy oil shipments and impose new oil spill and clean-up rules.

It is also not immediately clear what construction will take place this summer or whether it will ramp up substantially.

Warren Forsythe and Terry Shendruk joined protesters at the Westridge Marine Terminal and later at the Burnaby Mountain tank farm, according to investigation notes included in their May 30 affidavits.

Ahead of the federal intervention, Moody's Investors Service said oil-rich Alberta could face a significant loss in revenue if the project were cancelled.

Also in response to questions from Postmedia, Trans Mountain said it had no new details on construction and would not be releasing an updated schedule.

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