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.
The deal for the bulk of the Canadian subsidiary of Texas-based Kinder Morgan Sale proceeds are about $12 per share after capital gains taxes, he said.
"Make no mistake: this is an investment in Canada's future".
While the Canadian government says it does not plan to be the long-term owner of the pipeline, its decision to purchase the project on Tuesday is part of an effort to ensure the massive pipeline expansion proceeds this summer as planned. The purchase includes the pipeline, pumping stations, and rights of way along the route.
"For sale: Stalled and collapsing pipeline project", reads the title of a Craigslist ad, posted May 29.
Indigenous chiefs and First Nations have already assembled in Montreal earlier this week to protest the project, and Indigenous groups protesting the pipeline's construction in Burnaby said they'll push back regardless of Tuesday's announcement. Steven J. Kean, the president of Kinder Morgan, called it a "great day for Canada, for our customers and for our employees".
This decision makes ideal sense so I'm a little surprised that Justin Trudeau's government is behind it.
Duane Bratt said it's too soon to say whether Trans Mountain will give Notley a bump in the polls, but no deal by Thursday would clearly have been a killer. "All they were really asking for was certainty that they could proceed with building the pipeline".
"We're going to physically, directly intervene and stop the destruction, starting on Friday".
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Moe wants to know how the federal government, in partnership with Alberta, owning the project will change the B.C. government's continued opposition to the project.
"It does not seem fair that we couldn't get the level of support".
The Alberta government also has pledged a contingency fund of up to about $1.5 billion to provide emergency funds to the project if unforeseen circumstances arise.
Opposition is fierce in British Columbia, where the Liberals won an unexpectedly large number of seats in 2015, yet Trudeau says the expansion must go ahead so exporters can ship oil to global markets.
Because instead of having the private sector do it, Canadian taxpayers are now the owners of the Trans Mountain, for an initial outlay of $4.5 billion, with the final cost likely to be around $7.5 billion.
On Tuesday morning, Finance Minister Bill Morneau announced Ottawa would spend $4.5 billion to buy the pipeline expansion, and all of Kinder Morgan Canada's core assets.
Will George, a spokesman for the Tsleil-Waututh First Nation, which has led resistance to the project, said the federal takeover guarantees a broader coalition of opposition in the coming months. Our government is determined to defend British Columbia's interests within the rule of law and in the courts. He said that the pipeline had "significant commercial value" and that the government intends to sell it to private investors over time.
Canada approved the project in November 2016, following an expanded environmental review process that included additional consultations with Indigenous communities and assessing the amount of additional emissions likely to result from additional production.