Canadian government to buy pipeline project from Kinder Morgan for $4.5bn

$4.5B Trans Mountain plan won't mean Ottawa in pipeline business, says Morneau

Canadian government to buy pipeline project from Kinder Morgan for $4.5bn

"Ultimately Kinder Morgan finds it a poor investment for them and their shareholders, it's a poor investment for our taxpayer dollars too", he said.

Image copyright Reuters Image caption Federal Finance Minister Bill Morneau says the TransCanada expansion will move forward Who supports the deal? Canadians are now the investors; project updates and news reports will be the earnings call; polls will be the stock price; and on the issue of funds, well, even governments in Canada can reach a spending point that causes citizens to flinch.

Indigenous activists are keeping a close eye on an oil spill near Barriere, B.C., days before Kinder Morgan's so-called deadline on its $7.4-billion Trans Mountain expansion project.

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.

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Export Development Canada will finance the purchase, which includes the pipeline, pumping stations and rights of way along the route between Edmonton and Vancouver, as well as the marine terminal in Burnaby, where oil is loaded onto tankers for export.

Horgan, for his part, said the change in ownership does not change his party's stance on the pipeline, nor his concerns with the project. "I encourage them to continue to express their disappointment within the rule of law", he said.

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

"The Indigenous-led, people-powered movement that led Kinder Morgan to abandon ship on this project is stronger than ever and will not back down". "All they were really asking for was certainty that they could proceed with building the pipeline". "In this case we have all of that", said Berman, who was cleared of aiding and abetting protesters at the Clayoquot blockade and is now an adjunct professor of environmental studies at York University in Toronto. But the federal government, citing past court decisions, including some from the Supreme Court of Canada, contends that it holds sole authority over pipelines between provinces.

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Canada is coughing up $3.5 billion to buy the floundering Trans Mountain pipeline expansion project from Kinder Morgan. She adds for now, she doesn't plan to use her province's legislation to regulate the flow of oil exports. But with the announcement of the federal government's pipeline purchase, B.C.'s plan has boomeranged on them, returning to hit them square in the face.

The two western provinces have been sparring over the pipeline, a situation that Mr Morneau said can not be allowed to "fester". The much more ambitious Energy East project was abandoned by TransCanada Corp. amid outcry in Quebec - and no government move to save it.

"We believe this is the best way to protect thousands of well-paying jobs and the safest and most effective way to get our resources to world markets", Morneau told a news conference in Ottawa after the meeting, Natural Resources Minister Jim Carr at his side.

Medicine Hat-Cardston-Warner MP Glen Motz weighed into the debate over the federal governments plans to buy out the Kinder Morgan pipeline project. He promised that this project could not go through unless it was done through a vigorous review, which he broke'.

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