Published: Wed, May 30, 2018
Finance | By Jaime Brady

Canada Buys Trans Mountain Pipeline, Is Energy East Next?

Canada Buys Trans Mountain Pipeline, Is Energy East Next?

The federal Liberal government plans to spend $4.5 billion to buy Kinder Morgan Canada's existing Trans Mountain pipeline and its troubled expansion project, which the company called "great day for Canada, for our customers and for our employees".

Canada's finance minister, Bill Morneau, listens during a news conference with Natural Resources Minister Jim Carr about the state of the Kinder Morgan pipeline expansion in Ottawa on May 29, 2018.

The federal government and the Houston company were in talks for over a month about saving the project, which Kinder Morgan threatened to abandon as of Thursday unless federal officials remove political.

All that said, Ball says it's important the situation out west is sorted out to make sure global natural-resource-based companies aren't scared away from investing in Canada.

The company said it would decide on the pipeline project's fate on 31 May.

Image copyright Reuters Image caption Federal Finance Minister Bill Morneau says the TransCanada expansion will move forward Who supports the deal?

But Morneau said the Alberta-British Columbia feud, which led Alberta to boycott British Columbia wines and threaten to cut the neighbouring provinces fuel supplies, "cannot be allowed to fester".

Khelsilem, a Squamish Nation council member who goes by his first name, said the federal government's decision to pursue completion of the pipeline expansion threatens Indigenous communities if there was a spill of bitumen from increased tanker traffic in B.C. waters.

‘We got you, Harvey Weinstein, we got you’
The actress Rose McGowan , who accused Mr Weinstein of rape, told the BBC it had been an "amazing day for his survivors". During the interview, Sciutto also played a clip of Weinstein's lawyer, Benjamin Branfman telling the press, "Mr.

Fourth line leads Golden Knights to thrilling Game 1 win over Capitals
It's a late hit", Marchessault said from the locker room. "I would've thought I had to be in the ring or octagon to hear that". Obviously they got the first goal and the crowd was into it and all, and I didn't like the first part of the second period.

Italy's Buffon to leave Juventus after 17 years
Italy's most capped player with 176, Buffon could make his worldwide farewell on June 4 in a friendly against the Netherlands. If recent reports are to be believed, Liverpool could attempt to sign Juventus legend Gianluigi Buffon .

Kamloops-South Thompson MLA Todd Stone said "bravo to Premier Horgan for taking a $7.4-million project that will create 15,000 jobs that would be built by a private proponent and now it's nationalization of a multi-billion dollar asset".

According to Hudema, the movement opposing the project " will not back down" following the government's purchase.

"We would desperately hope this is not the model of how future projects get done", Chris Bloomer, president and chief executive officer of the Canadian Energy Pipeline Association, said in a phone interview, adding that he is nonetheless pleased that the project can now go ahead. The government would also be financially responsible for developing the project, which could cost billions above and beyond the pipeline's purchase price. It is deeply unpopular with the province's environmentalists and many indigenous groups, and Mr Horgan has been fighting to delay its construction over regulatory concerns. "Really the only difference is Kinder Morgan's convinced Canada to pay for the project". "This is a pipeline project that runs through urban centres", she said of Trans Mountain.

Canada loses $15 billion every year on the sale of oil because the US remains its only export customer, resulting in a lower price, Trudeau argues. It continues with "The vintage pipeline is a handyman's dream project".

A new Crown corporation will manage the project.

"Any climate change plan that ignores the needs of working people is doomed to fail", Alberta Premier Rachel Notley said after the deal was announced.

Although there isn't a motion on the table at the convention in favour of Trans Mountain, Houston said they'll look at what other advocacy options they have.

The pipeline has become a flash point for a wider debate in Canada over the environmental impact of tapping Alberta's oil sands, which critics view as a particularly polluting energy source. He said that the pipeline had "significant commercial value" and that the government intends to sell it to private investors over time.

Like this: